This is a pretty basic body weight exercise to do, but the technique and form are where the player is going to get the real muscle and strength gains. It is important that the player knows the correct hand placement, and is getting full extension on the exercise. This video is going to go over both the pull up and chin up, and is going to teach the correct way to do the exercise.
A couple of ways that this basketball exercise translates to the court is having a strong back for posting up or boxing out. If the player is able to keep their arms up and out to post up for the ball, they make a lot wider target for the player making the entry pass. Also, for boxing out it will make a much larger object for the player being boxed out to try and get around. These are just two examples of this exercise translating over to the floor.