First phase
Of the 38 teams ranked 12 begin a first phase where sleeps 6 will be played. 6 clubs arising from this first phase will complete the composition of the groups of the second phase.
The first phase will play the fifth-ranked Argentina, the fifth-ranked Brazil and third in each of the remaining nine associations, including that of Mexico, plus an additional team of the Association of which comes from the last champion ( it would be the so-called fourth or sixth place, as applicable).
The 12 teams will play the first phase in 6 keys to two teams each, where they played games and forth. The two teams belonging to the Association which has the ultimate champion can not face each other.
Second phase
The 32 clubs qualified for the second phase (26 teams qualified directly over 6 teams ranked first phase) will be divided into eight groups (1 to 8) of four teams each.
A seeded be the last champion, and the remaining 7 clubs representing Argentina and Brazil, ranked directly with higher ranking, the club between these two associations with lower ranking lose the right to unseeded. In the second phase, each team will play a match as local and visitor status match against each of the other teams in the same group. The teams ranked first and second in each group qualify for the knockout stages.
Second round
The 16 teams qualified for the second phase will play the second round in 8 keys forming two teams each, who played games back and forth. To determine the rivals of each key two tables of positions will be made. One of the eight ranked first in their groups and the second among the eight ranked second in their groups. Thus it will be given a ranking of 1 to 8, with 1 being the highest score in the top of each group during the second phase, and 8 the lowest score among those located first. In the ranking of teams from 9 to 16, will head the 9 highest scoring team between the second placed in each group and 16 the lowest score among the latter placed. The key training system is as follows:
Team 1 vs. Team 16 (A)
Team 2 vs. Team 15 (B)
Team 3 vs. Equipment 14 (C)
4 vs. Team Computer 13 (D)
Team 5 vs. Team 12 (E)
Team 6 vs. Team 11 (F)
Team 7 vs. Team 10 (G)
Team 8 vs. Team 9 (H)
Quarterfinals
The eight teams in the second round will play the quarterfinals, forming 4 keys two teams each, who played games back and forth. The quarterfinals will be played according to the following order:
Key A vs. Key H (SF 1)
Key B vs. G key (SF 2)
Key C vs. Key F (SF 3)
Key D vs. Key E (SF 4)
Semifinals
The four teams ranked in the quarterfinals will play the semifinals, in round matches, forming two keys to two teams each, who played games back and forth.
Semifinals will be played according to the following order:
SF1 vs. SF4 (F1)
SF2 vs. SF3 (F2)
If they reach the semi-finals two clubs from the same association must face in the semifinal instance, having to alter the established order.
Final
The two winners of the semifinal stage clubs play each other two games (round trip) for the title of champion of the Copa Libertadores of America.
In case of equal points at the end of the final two will be devoted champion team with better balance of goals. To keep equality, will be used to extra time of 30 minutes divided into two periods of 15 minutes each. If at the end of this extra time of 30 minutes extra parity persists, the winner will be defined by definition of penalty shoot-out, in accordance with the standards set by FIFA.
At the end of the cup the team that started in the first phase and leaves champion will have played 16 matches in total (first phase, second phase, second round, Quarterfinals, Semifinal and Final), and the team that started in the second phase and leaves champion will have played 14 matches in total (Second stage, Final Round, Quarterfinals, Semifinal and Final).
In August 2013, after holding an extraordinary congress of CONMEBOL, sources close to the parent company of South American football they hinted at the possibility of making the final contest a single match on neutral ground. At year's end, the Executive Committee of the Confederation rejected the draft reform, at least in the near future