In a thrilling announcement, this year's MLB Home Run Derby will showcase a new format and several exciting changes, making it a must-watch event for baseball fans worldwide. With a grand prize of $1 million on the line, the competition promises to be intense.

Last year's champion, Vladimir Guerrero Jr., has decided not to defend his title, which means a new champion will be crowned. However, Pete Alonso, who secured victory in 2019 and 2021, is hungry for a third title and will be a formidable contender.

Cole Jacobson of MLB.com provided a detailed rundown of the revamped format. The most significant change is that there will be no head-to-head matchups in the first round. Instead, the top four players with the most home runs will advance, with tiebreakers determined by the longest home run hit. This alteration adds an element of suspense as players battle to secure their spots in the knockout stage.

Once the knockout stage commences, ties will be settled by an exciting 60 seconds of additional time. If the players remain tied, they will engage in intense three-swing showdowns until a clear winner emerges. The time allotted for each round also sees adjustments, with three minutes given in the initial two rounds and two minutes in the final round.

To ensure fairness, each three-minute round will have a maximum of 40 pitches, while the two-minute round will have a maximum of 27 pitches. This will keep the competition fast-paced and full of action, leaving no room for complacency.

Another noteworthy change in this year's event is the alteration to the bonus time system. Previously, players would receive an automatic extra 30 seconds, with an additional 60 seconds granted for hitting two or more home runs of 440 feet or longer. However, this year, bonus time will continue until a player records three "outs" - swings that do not result in a home run. Additionally, if a player hits a home run measuring 425 feet or longer during the bonus period, they will earn a fourth out.

The lineup for this year's Home Run Derby showcases an impressive array of power hitters. Topping the home run leaderboard is Henderson with 28 homers, followed closely by Ozuna at 26, Ramírez at 23, and Alonso and Hernández tied at 19. García has recorded 17 homers, Witt sits at 16, while Bohm rounds out the pack with 11.

Baseball enthusiasts eagerly anticipate the Home Run Derby, set to take place on the announced date. With the changes to the format and a competitive lineup of sluggers, this year's event promises to be an adrenaline-pumping spectacle that will go down in baseball history. So mark your calendars, baseball fans, because this Home Run Derby is not to be missed!