Although there’s a huge time for the 2012 WSOP event, the $1 million buyin tournament Big One Drop has already made the headlines this week. The World Series of Poker officials said on Monday that 22 players have committed to putting up $1 million each to buy into the most expensive card tournament ever.

22 players is a significant number, as this will make the $1 million buyin tournament an official bracelet event. 

The $1 million buyin tournament will run from July 1 through 3, 2012, at the Rio All-Suite Hotel and Casino in Las Vegas, and will award the first-ever platinum WSOP bracelet to the winner. According to WSOP, this event will likely to result in the largest first place prize ever awarded in a poker tournament. The largest on record is Jamie Gold's $12,000,000 score in the 2006 World Series of Poker main event. This would also mean at 22 players, the top prize is $8.89 million, $173,000 more than German player Pius Heinz won for winning the main event last month.

The $1 million buyin tournament is the creation of non-governmental organization One Drop which is led by Cirque du Soleil founder Guy Laliberté. The money from the entry fees will go towards a "legacy project that will see a needy country receiving access to clean water". The remainder of the money ($888,889 per entry fee) will go towards the prize pool.

Among the players who have committed to play for the noble cause are Guy Laliberté (One Drop chair), Bobby Baldwin, Andy Beal, Patrick Antonius, Gus Hansen, Daniel Negreanu, Johnny Chan, Tom Dwan, Tony Guoga, Jonathan Duhamel, Bertrand "ElkY" Grospellier, Daniel Shak. It is anticipated that there are few more players will be participating in the $1 million buyin tournament which are yet to be revealed.

On the announcement of $1 million buyin tournament, Duhamel said: “I am absolutely thrilled to participate in the biggest poker event ever organized.  One million dollars is a lot of money but my participation comes naturally, being a spokesperson for ONE DROP and because of my attachment to such a great cause.  Life starts with water and because of its uneven distribution, a person dies every 20 seconds. The Big One for One Drop will raise $111,111 per participant, which will definitely prove the poker community attachment to One Drop.  As for me, I personally commit to give 5% of my winnings from this tournament to One Drop.”

One Drop—an initiative of Guy Laliberté, Founder of Cirque du Soleil—is a non-governmental organization established in Montreal, Canada and active worldwide. One Drop’s mission is to fight poverty by supporting access to water and raising each and every one’s awareness of water-related issues through its distinctive approach based on social arts and popular education. In the U.S., One Drop is a public charity that undertakes innovative activities in which water plays a central role as a creative force to generate positive, sustainable change worldwide. One Drop continues to reach out to the world to realize its dream of safe water for all, today and tomorrow.

The $1 million buyin tournament will be played as No Limit Hold'em, and 20% of the field is expected to be paid out. According to the latest poker news, ESPN will televise this $1 million buyin tournament.  A specially-designed WSOP platinum bracelet will be awarded to the winner, along with an eight-figure first place prize at this $1 million buyin tournament.