Chase Budinger Competing in Huge Volleyball Event, Has Adorable Plans for Prize Money

Chase Budinger is back home in SoCal this week, competing in a prestigious volleyball tournament ... and he tells TMZ Sports if he ends up winning the whole shebang, he's already got some cute plans for the prize cash.

The former NBA star -- who's now a volleyball pro -- is one of several huge names participating in the the Volleyball World Beach Pro Tour Elite 16 and the Newport Beach Volleyball Invitational ... which all kicked off in Orange County, Calif. on Tuesday.

The first event is a 2-on-2 competition, which will go until Saturday, and then on Sunday, the second event is a 4-on-4 tourney.

Budinger tells us the field includes legitimately the best "in the world" -- and organizers of the events have already promised the winners will get a share of a $550,000 prize pool.

Budinger, a 37-year-old Encinitas native, said if he's fortunate enough to be crowned champ of either -- his goal is to take the dough and hire some help for the new baby he and his wife are expecting later this winter.

"For me, it's saving up money maybe for a nanny or a night nurse," he told us with a big grin. "Something like that to try to help me sleep better at night when the new baby comes."