Concacaf announced Tuesday that it is renaming the Concacaf Champions League to the Concacaf Champions Cup, and significantly increasing the prize money, with the winners set to receive $5 million.

The name change sees Concacaf revert to what was used in the first 47 years of the confederation's top club competition. Concacaf changed the name to the Concacaf Champions League in 2008.

More significant is the growth in prize money, with the winners receiving $5m, an increase of more than five times from this season, when Mexico's Club Leon beat LAFC in the final. The changes will start with the 2024 edition of the tournament.

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"The Concacaf Champions Cup will take continental club football in our region to the next level," said Concacaf president Victor Montagliani. "It will elevate leagues and clubs across Concacaf and the new name for the competition, alongside this vibrant new brand, allows us to celebrate our rich history while looking ahead to a great future of international club football in North America, Central America, and the Caribbean."

Concacaf had already announced a change in structure to the event, one that will see 27 teams across the region qualify for the tournament. The tournament will consist of five rounds, with 22 teams starting in the first round. Five teams -- the winners of MLS, Liga MX, the Leagues Cup, the Central American Cup and the Caribbean Cup -- will receive first round byes and begin play in the round of 16.

The top clubs in North America will continue to have the opportunity to qualify through domestic leagues (Liga MX, MLS, Canadian Premier League) and cup competitions (US Open Cup, Canadian Championship).

As well as the winner of the Central American Cup, five additional teams will qualify via that tournament. In a similar fashion, two additional teams from the Caribbean Cup -- the runner up and third place finisher -- will qualify.

"The new Concacaf club ecosystem will deliver more of those big rivalry matchups that we know footballers want to play in and that fans want to see," Montagliani added. "Clubs across the region will have to be at their very best to compete to win the Concacaf Champions Cup and to earn the right to represent the region in the revamped and expanded FIFA Club World Cup which begins in 2025."

The first four stages will each include home and away play, while the final, where the region's champion will be crowned, will be played as a single-leg match on a weekend date.

"We are incredibly excited about this new ecosystem and for the first edition of the new and expanded Concacaf Champions Cup next year," said Concacaf general secretary Philippe Moggio.

"In considering options for the name of the tournament we conducted significant research among our stakeholders, including with fans. Maintaining the word 'Champions' was crucial for us to highlight that this tournament is at the top of the club pyramid in Concacaf, and we also feel that moving away from 'Champions League' allows us to develop a unique identity for our club competition.

"In returning to the original tournament name, we will have the opportunity to truly connect the last 61 years of Continental club football in Concacaf with what is coming in the future."