You will enter into free agency. From there you will get 3 teams to pick from.
You then have 3 rounds of negotiation where you can ask for more money, more minutes or both
At the end of round 3 you pick the one you want, or the one that is left. You now play for that team.
No increase in skills associated with it, you earn those by playing games. You don't earn any VC directly for finishing the season either.