The current champions are Gran Canaria, winning their first title after defeating Turk Telekom in the 2023 Finals.

The participants include 20 clubs automatically entered into the Regular Season.

The next phase, known as the Top 16, then begins, featuring the 16 survivors of the Regular Season in four-team groups.

As in the Regular Season, each Top 16 group is contest in a double round-robin format.

Historically, the competition began with a group phase in which the starting field was reduced to 16 teams.

In the following 2003–04 season, the final became a one-off game, but all other knockout ties remained two-legged.

The survivors then entered the first-ever Final Eight phase in the competition's history, consisting of one-off knockout games.

The survivors of the second preliminary round joined 24 direct qualifiers in the Regular Season.

In the 2012–13 season, the final was decided by a single game format, after double-legged semifinals and quarterfinals.

For the 2015–16 season, the competition contained 36 clubs automatically entered into the Regular Season and the eight EuroLeague clubs that did not qualify for the EuroLeague Top 16 phase qualified to join the Last 32 stage.

These awards include:[6] A total number of 179 clubs from 30 countries have participated in the competition.