Created in 2001, the contest's proceeds benefit the Rock and Roll Hall of Fame in Cleveland, Ohio, which also serves as the location for the final round of the competition.
The contest entry process begins early in the year, when bands submit a three-song CD to a panel of judges, typically due in late April.
For every year since then, the judging panel selects 18 US bands to participate in one of three qualifying US regional "Battles" which are held in the summer.
Since 2004, Telstra, an Australian telecommunications and information services company, has sponsored their own national competition, called RockInc.
Members of the winning band receive an expenses-paid trip to the annual NAMM Show, where they will be a featured performer.
The band also has its name and photo displayed at the Rock Hall of Fame for one year as part of a permanent exhibit honoring the event.