Grêmio defeated Lanús in the finals by an aggregate score of 3–1 to win their third tournament title.

[13] On 18 November 2016, the Liga MX president Enrique Bonilla announced that teams from Mexico would not participate in the 2017 Copa Libertadores due to the format change which put it in conflict with the Mexican league schedule.

[14][15] Initially CONMEBOL announced that the tournament would be expanded from 38 to 44 teams, and the additional six berths would be distributed to the Copa Sudamericana champions (which no longer occupy one of the places allocated to their association and are now allocated an additional berth), two to Brazil, and one each to Argentina, Chile and Colombia, based on commercial and sporting criteria.

[6] The group stage berths left vacant following the withdrawal of teams from Mexico would be redistributed to Argentina and Brazil.

[6][12] The following 47 teams from the 10 CONMEBOL member associations qualified for the tournament:[12][16] The entry stage is determined as follows:[12] The schedule of the competition is as follows.

[30] The first stage matches are played on Monday and Friday, instead of the usual midweek of Tuesday, Wednesday or Thursday.

The draw for the round of 16 was held on 14 June 2017, 20:00 PYT (UTC−4), at the CONMEBOL Convention Center in Luque, Paraguay.

If still tied, extra time would not be played, and the penalty shoot-out would be used to determine the winner (Regulations Article 5.2).