The tournament, involving 64 teams, began on July 19 and ended on August 3 with the championship game in Philadelphia, Pennsylvania.

The event had a "championship week", starting with the regional winners advancing to quarterfinals at one of four sites, Dayton, Louisville, Wheeling, WV, and Wichita.

In a feature it calls "Run It Back", TBT organizers invited all teams that won first-round games in the 2022 edition to play in 2023.

The remaining teams, and the regional placements for all entrants, were revealed in a selection special hosted by Andrew Zoldan with analyst Seth Greenberg that aired on TBT's YouTube channel on June 21, 2023.

Under the Elam Ending, the clock is turned off at the first dead-ball whistle with 4 minutes or less to play in the game.

[5] Thus, all games end on a made basket (field goal or free throw) and there is no overtime.

Three other teams were rostered primarily with alumni from groups of NCAA basketball programs sharing a common bond.

Eric Collins, Fran Fraschilla, and Ashley ShaAhmadi were the announcers for both semifinal matches and the championship game.