The MLB Home Run Derby is set to look a little different this year, as the league announced a set of rule changes and an updated format for the competition on Sunday.

This year's iteration of the event will have all eight participants competing against each other, with the top four advancing. The competition will then feature a bracket-style semifinal with the winners advancing to face off in the final round:

The Home Run Derby will be held on July 15, the day before the 2024 All-Star Game. Toronto Blue Jays slugger Vladimir Guerrero Jr. won the event in 2023 when he hit 25 homers in the final round to defeat Tampa Bay Rays outfielder Randy Arozarena, who had 23.

Baltimore Orioles star Gunnar Henderson was announced as the first participant in the 2024 Derby on Sunday:

While the Home Run Derby is an exciting competition for fans who love to see players hit the ball out of the park, it causes some wear and tear that makes some of the league's top stars wary of participating.

New York Yankees star Aaron Judge, who won the Derby in 2017 and leads the majors with 31 home runs this season, told Dan Martin of the New York Post earlier this month that he won't be partaking this year, but he didn't rule it out for the rest of his career.

"I'm not doing it. There's no need this year," Judge said. "I'm not done with it. Once it's back in New York, I'll be there."

Los Angeles Dodgers star Shohei Ohtani said he's open to competing in the Derby but was advised by his manager Dave Roberts against participating because of his continued recovery from Tommy John surgery.

"The one side of it, for him to be in the Home Run Derby, it's great for baseball, clearly," Roberts said. "The other side of it, on the manager of the Dodgers side of it, you're trying to be more cautious and appreciating the fact that there's a lot more swings, higher intensity, you know, going through the rehab process with his elbow."

Fans will surely be excited to see who else ends up participating in the showcase this year, as the revamped format will make for a fun competition.