TMZ Sports talked to the former #2 overall pick (1998 NBA Draft) ... when he broke the news, he's coaching again!

"My main thing getting back into [coaching] is just so I can mentor these kids, get them on the right path, just teach them basketball, all the knowledge I have," Bibby told us.

FCH, like Fan Controlled Football, is different from other leagues ... fans control select aspects of the actual gameplay. What play will the team run? Fans vote. There's a ton of interaction ... and the court will even look different.

"It's gonna be great. Just the concept of the whole thing is gonna be amazing," Bibby says.

"I think once everybody sees it, the LED court, just the concept of how players can get power-ups, the paints lit up, you get 3 or 4 points for a dunk, there's a lot that's gonna be changed. It's gonna be a fast-paced game!"

The inaugural season will feature four different teams ... made up of college and professional players, and possibly even influencers.

We asked Bibby, who's just 44 years old, if there was a chance he might come off the bench and actually play.

"No, no, no, no, no, I'm twice these guys' age. My playing days are over. Ya know, I'll get out there and maybe play a little pick up, maybe get into practice a little bit to where there's no cameras. But, when the camera come on, I gotta sit down. There's not gonna be any embarrassment of me."

Bibby isn't the only former star hooper who's a part of the FCH. Baron Davis is also involved as an advisor and team owner.

It's likely other celebs will come on board. The FCF has team owners like Quavo, Richard Sherman, Steve Aoki, and more ... and Bibby says the star power is likely to follow them to the FCH.