Last week, EA initiated seasonal layoffs and Shacknews was told by a trusted source that one of the groups hit was the NBA Elite 11 development team. Statements made today reveal that the NBA Elite franchise will shift to EA Tiburon, responsible for yearly releases of Madden NFL, NCAA Football, and Tiger Woods PGA Tour.

Tiburon also developed the recently released EA Sports MMA, though its unclear if Electronic Arts will be franchising the series.

NBA Jam, originally intended as a pack-in for the PS3 and Xbox 360 game, will now be released as a standalone retail product for both platforms later this year.

Basketball fans will have to make do with the phenomenal NBA 2K11 (review) this year. Oh no.