The tournament was held in Buenos Aires, Argentina between 24 September and 2 October 2022 (originally scheduled from 30 April to 7 May 2022).

[18] The draw was conducted based on Regulations Article 16 as follows:[3] Initially, three teams were seeded and assigned to the head of the groups (San Lorenzo automatically to Group A, the others two via a draw from pot 1): The remaining nine teams were split into three pots of three based on the final placement of their national association's club in the previous edition of the championship, with the highest three (Venezuela, Peru and Paraguay) placed in Pot 2, the next three (Colombia, Uruguay and Chile) placed in Pot 3 and the lowest two (Ecuador and Bolivia) in pot 4, alongside the additional Argentine club.

The draw resulted in the following groups:[19] Each team had to enter a squad of a maximum of 14 and a minimum of 9 players, including at least two goalkeepers (Regulations Article 32).

If tied on points, tiebreakers are applied in the following order (Regulations Article 21):[3] All match times are in PYT (UTC−4), as listed by CONMEBOL.

[3] All match times are in PYT (UTC−4), except for the final matchday (2 October) which are in PYST (UTC−3).