Peñarol won their first title after beating Independiente del Valle 4–3 on penalties after 1–1 draw in the final match.

Ecuador was named as host country of the tournament at the CONMEBOL Council meeting held on 27 October 2021.

[19][20] The draw was held on 20 December 2021, 13:30 PYST (UTC−3), at the CONMEBOL Convention Centre in Luque, Paraguay.

If tied on points, tiebreakers will be applied in the following order (Regulations Article 20):[26] All match times are in ECT (UTC−5), as listed by CONMEBOL.

[26] The final matchday, which consisted of the third place match and the final, was moved from Estadio Banco Guayaquil to Estadio Rodrigo Paz Delgado due to the original venue's field was damaged as a result of the heavy rains that occurred in Quito.