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Chad & Evelyn: Big Time Payday for 'Basketball Wives' Spinoff

3/12/2012 3:40 AM PDT

Chad Ochocinco and Evelyn Lozada -- Getting PAID for 'Basketball Wives' Spinoff Show

Chad Ochocinco and Evelyn Lozada have signed their deal to do a "Basketball Wives" spinoff show with VH1 ... and they each have 300,000 reasons to celebrate ... TMZ has learned. 

According to our sources, filming on the new show will begin in the next few weeks, right after taping for  "Wives" ends. We're told the show will focus on the couple as they get ready to exchange vows this summer. 

Our sources say negotiations finally wrapped last week and the two will each take home $300,000 for about two months of work.

As TMZ first reported, when Evelyn re-upped her contract with "Basketball Wives" last year, part of the deal called for VH1 to give her and Chad their own show.

The show should be officially announced this week.

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