Tournament champions currently win the Earl Anthony Trophy, named in honor of the late PBA legend who won this title a record six times (1973–75 and 1981–83).
The qualifying rounds of the tournament were contested August 31 – September 4, with the televised finals being broadcast live on ESPN December 13, 2009.
These 30 players then bowl ten more games (two five-game blocks) on the Earl Anthony 43 oil pattern, which is named after the six-time winner of this event.
The cashers field is subsequently cut to 16 players for two eight-game, roundrobin match play rounds.
Total pinfall from all 56 qualifying games, including 30 bonus pins for head-to-head match play wins, determines the five players that advance to the televised finals.