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The home country of the 15th team will be decided by tender, with both Australia and South Africa keen on another team, Radio New Zealand reported on Wednesday.
The 15 teams in the competition will be split into three conferences, one in each country, and each side will play their own conference teams twice.
Each side will also play one match against eight of the 10 teams from the other two conferences.
The three conference winners will qualify for the finals along with the three other teams with the highest points for the whole season.
The season will be expanded from 14 to 24 weeks, starting in late February and ending in August, although in World Cup years it will move forward.
There will be a three-week break in June to allow for internationals against visiting teams.
The Tri-Nations international series, which normally starts in July, will now begin in early August and South Africa will always play the first games so its players are free for its domestic competition later in the month.
New Zealand Rugby Union chief executive Steve Tew said the deal maintains the three-country alliance and builds on it.