The competition was usually contested over a two legged tie, with a playoff or penalty kicks if necessary, but it was common for several consecutive editions to go unheld.

Argentina was the most successful national league with seven titles, while Uruguayan outfit Nacional and Independiente share the record for the most appearances with three each.

Mexico's América broke the South American hegemony after beating Boca Juniors in a play-off match in 1977.

As a result of this victory, the Mexican squad argued that it had the right to participate in the Intercontinental Cup of that year; however, they were denied the opportunity.

The importance of the competition decreased significantly after two Brazilian clubs, Copa Libertadores winners São Paulo (1993) and Grêmio (1995) declined to participate out of disinterest; both times, the Copa Libertadores runners-up, Chilean side Universidad Católica and Atlético Nacional took their place; each of them were pushed to the limit by Costa Rica's Saprissa.

In January 2023, CONCACAF and CONMEBOL had signed a new strategic partnership, which would include a "final four" style club tournament containing two teams from both confederations that would start in 2024.

[1] This event was not held however beginning in 2024, the annual FIFA Intercontinental Cup has included a match between the champions of each confederation dubbed Derby of the Americas.