It was originally organized by the South American Basketball Confederation, and then later by FIBA Americas.

It was played annually between the league champions in each country, plus the winner of the previous edition.

From 1965 until 1987 the champion teams (and on many occasions the runners-up too) participated in the FIBA Intercontinental Cup represented South America.The competition was the first-tier and most important club competition in South America until 1996 when the FIBA South American League was launched, with a format that looked more of one of a European completion and not a single tournament.The competition was finally discontinued in the year 2008, after the new top-tier panamerican FIBA Americas League had been recently formed in December 2007 and meant that each South America country's top teams would qualify to the new league and not the FIBA South American League.

Subsequently the South American Championship lost its importance and it was abolished.

- Sam Shepherd of Trotamundos was MVP 1995: Billy Law (Rio Claro) 1998: Charles Byrd (Vasco da Gama) 161 pts 2000: Victor David Diaz (Trotamundos B.B.C.)