Full explanation — Independent Chip Model
ICM (Independent Chip Model) is a mathematical model that translates a tournament chip stack into its real monetary value based on the prize pool structure. It explains why, at a final table, simply surviving can sometimes be worth more in expected dollars than accumulating additional chips — because busting drops you to zero regardless of stack size. ICM considerations reshape optimal strategy near the bubble and at final tables compared to standard chip-EV thinking used earlier in a tournament.