Current rules, applicable in CONMEBOL Copa América, were adopted in 1993. Then, two CONCACAF representatives were invited to the tournament, which made it possible to divide the participants into three groups of four teams. Over time, the national team of Mexico became a regular tournament participant, while the 12^th team changes in each competition.

At the group stage opponents play one match each, after which two best teams of every group go to the play-off (in all cases matches of the last round of the group stage begin at the same time). Two best 3^rd place takers also get here. To define top teams such additional factors are considered: goal difference, as well as a number of goals. If rivals have equal rates here, then stats of matches with two first group teams (score, goal difference and a number of goals) comes under review.

The play-off round is conducted according to the single-elimination scheme (knockout): teams play one match each, in case of draw extra time (2 spans of 15 minutes) periods are awarded in regulation, followed by a penalty series. The final and the play off for 3^rd place format is analogous.