While details are not full yet, they are streaming in. ESPN's Adam Schefter was first with:
NFL eliminated traditional AFC-NFC Pro Bowl matchup; will be replaced with Pro-Bowl fantasy-like draft, per ESPN sources.— Adam Schefter (@AdamSchefter) July 31, 2013
Schefter followed up my saying that there would no longer be kickoffs and that there would be 43 man rosters.
Players will be assigned to teams through the Pro Bowl draft. This season Jerry Rice and Deion Sanders will be the draft captains.
The game will be played January 26th, 2014 in Honolulu.
Of course there will be a ton of questions that should be cleared up soon. If it is fantasy draft style what stops a team from drafting say Peyton Manning, Aaron Rodgers and Andrew Luck, while the other team goes Adrian Peterson, Arian Foster and Marshawn Lynch? Now there is one quarterback left in the pool and one running back left in the pool?
Of course it can't all be palm leaves and kalua, what about those kick returners that have making the Pro Bowl as one of the escalators in their contracts?
This could get interesting, feel free to add speculation and any updates in the comments and I'll keep this post updated.
UPDATE 7/31/2013 12:55 MTN:
The NFL has just made the official announcement. The top two voted players, two fantasy football players from NFL.com and two NFL legends will help draft the teams, the draft will this year be held on January 22nd, 2014. There will be two minute drills at the end of the first and third quarters, the game clock will be faster, the defense will be allowed to play "cover-2" or press coverage and many more rules. Check the full release here.