PlayStation 4 system update 5.01 is now available to download for all gamers. The update is a small one that is only 374.7 MB large, and is said to “improve system performance.” It’s considerably less of a big deal than the prior PS4 system update, 5.00, which added a number of new features such as a family account system that allows child accounts, enhanced friend list management, the ability for PS4 Pro owners to stream at 1080p 60fps on Twitch, the ability to turn off messages while playing videos, a better tournament bracket viewer, and virtual surround sound on PSVR.
Here are some of the new features that were introduced in PS4 system update 5.00 (description via PlayStation Blog):

Team Tournaments
Prepare to recruit the best players you know, because Team Tournaments on PS4 are almost here. With this new functionality, you?ll be able to compete against other teams for prizes and status. Team Tournament functionality will kick off on October 5, shortly after the release of the 5.00 update. The initial batch of titles supporting Team Tournaments will be Uncharted 4: A Thief?s End, Uncharted: The Lost Legacy, World of Tanks and Mantis Burn Racing, with more on the way. Head over to the Events section on your PS4 to check out details for different Events and Tournaments, and to start creating your team.
You can join or own up to a maximum of 60 different teams, and each team will have an owner and captain(s) who can manage the team. Only teams will ...