The prize pays homage to Jordan's jersey number #23 and his 6 NBA titles ... as the trophy stands 23.6 inches tall, and weighs 23.6 pounds.
It also stands on a five-sided base -- a salute to MJ's 5 MVPs -- and has a 15-degree angle base which is a nod to his 15-year NBA career.
Mark Smith, retired VP of Innovation Special Projects at Nike, Inc., and Jordan Brand designer, worked with MJ for the new look ... saying he's honored to have created such a memorable piece.
"As we worked together on this project, it was very important to Michael that the figure not be a likeness of him, but instead that the recipient should be able to see himself in the award," Smith said.
"For Michael, naming the award in his honor was recognition enough.”
The other five trophies will be named after legends Jerry West,Hakeem Olajuwon, Wilt Chamberlain, John Havlicek, and George Mikan.
The Clutch Player of the Year will be named after West, the Lakers legend who won the NBA Finals MVP back in 1969.
The Defensive Player of the Year will be renamed after 2-time DPOY and Rockets great Olajuwon, while the Rookie of the Year award is retitled after Chamberlin, who had a peerless rookie season in 1960.
Havlicek gets the honor of having his name on the Sixth Man of the Year trophy and Mikan -- known for his "Mikan Drill" layup and footwork -- will represent the Most Improved Player of the Year award.
NBA commissioner Adam Silver is thrilled with the new collection of trophies ... not only because they recognize the top performers each season, but also "celebrate some of the greatest and most impactful players in the history of the NBA."