tournaments
ICM chop
Also: ICM deal, deal-making, final table deal
A deal among the remaining players in a tournament to split the prize pool according to each player's ICM equity — what their stack is worth in real money — rather than by finishing order. Most serious final-table deals are ICM chops with some money left to play for.
Example. Three-handed with even stacks and $300k left, they agreed an ICM chop and played for the last $20k and the title.
In an ICM chop the tournament director runs the stacks through the Independent Chip Model and each player takes that amount, usually leaving the trophy and a small sum for first. Big stacks tend to prefer the alternative chip chop; short stacks prefer ICM, which rewards them for the pay jumps they are likely to reach. Any deal needs every remaining player's agreement, and most rooms require it to be announced and recorded.