According to the
NBC press release, the show is now "infused with brand new rounds of gameplay," but will retain the Two-Minute Drill. Also, there will be 16 teams, but it is a five-round tournament, so it's not strictly single elimination.
Then again, it says the show is "still casting," so if they want it to be a summer show, "five rounds" may mean five episodes, with four teams per show; the two high scorers on each show face off in the Two-Minute Drill, and the winner advances to the championship game.