It consists of two single-elimination tournaments, one each for men and women, and the respective winners receive a trophy called "The Owen" as well as a commemorative championship belt, and beginning in 2024, matches for AEW's men's and women's world championships.
Established in September 2021, the inaugural tournaments concluded at the Double or Nothing pay-per-view in May 2022 where Adam Cole and Dr. Britt Baker, D.M.D.
[1] On December 17, AEW revealed that there would be both a men's and women's version of the tournament,[2] and the respective winners would receive a trophy called "The Owen Cup"[1] as well as championship belts modeled after the old Stampede Wrestling North American Championship.
[4] On the April 26, 2023, episode of Dynamite, Khan announced that the 2023 tournament's opening ceremony would occur at that year's Double or Nothing PPV.
He also said that tournament matches would happen in Owen's home country of Canada at the Forbidden Door PPV, and the tournament would conclude in Owen's hometown of Calgary, Alberta, on the fifth episode of Collision on July 15.