The first-ever UEFA Champions League league phase has now concluded, with Liverpool emerging on top. Seven other teams will join the Reds in the round of 16, while the teams that finished ninth through 24th will enter the knockout phase playoffs to join that contingent.

The new competition format really came into its own on the final matchday, with all 36 clubs in action and all but two games having something on the line. That led to plenty of drama, with the table shifting wildly every few minutes as teams battled to qualify for the knockout stages.

But just when you started to get the hang of how things worked in UCL 2.0, there's still more to get your head around.

We've now got to prepare for a knockout bracket, which will basically map out the whole route to the final on May 31 in Munich.

Unfortunately, there will be another two long-winded draw processes, with a star-studded affair on Friday to figure out the knockout playoffs and another one on February 21 to determine the meetings for the last 16 and beyond.

How does it all work, you might ask? Well, you might regret that question.

Let's break down the UCL knockout stage.

What Happens to the Top 8 Teams?

Liverpool, Barcelona, Arsenal, Internazionale, Atletico Madrid, Bayer Leverkusen, Lille and Aston Villa will head straight to the round of 16, putting them all one step closer to the final and giving them a couple of midweek fixtures off.

Each team is seeded based on its finish in the league phase, and all eight clubs will have to wait until February's draw to find out who they will be facing next following the results of the knockout phase playoffs.

What Happens to the Teams That Finished 9th Through 24th?

These teams enter the knockout phase playoffs, where they will contest a two-legged fixture to qualify for the round of 16.

The teams that finished ninth through 16th will be seeded for the playoffs, while the remaining teams that landed 17th through 24th will be unseeded, meaning they will play the first fixture at home—an advantage for the higher-placing teams.

On Friday, the teams in each of the seeded and unseeded sections will be split into pairs based on consecutive league position climbing up from 24th to ninth. They will then be put into pots and picked to see if they fall on the silver or blue side of the bracket.

For example, the teams that finished 24th and 23rd will be together in one pot, with one being drawn as a silver team and the other as a blue.

Then, they will find out who they face, with those particular teams drawn against either the team that finished 10th or ninth, which will be picked from another pot.

The draw continues in the same fashion, with 22nd and 21st set to play either 12th or 11th, 20th and 19th ready to meet either the 14th or 13th side, and 18th and 17th looking forward to facing one of the teams in 16th or 15th.

If those matchups finish level on aggregate after two games, they will head to extra time and penalties. Away goals do not count for double in the tournament. The winners will then await the round-of-16 draw.

Potentially Spicy Knockout Phase Playoff Matchups

Because of the underperformance of some historically successful sides on the European stage, we'll be given a little treat in the knockout phase playoffs.

Either Real Madrid (11th) or Bayern Munich (12th) could be set for a meeting with Manchester City (22nd). Whichever team doesn't get matched with the Citizens will instead face-off with Celtic (21st).

Elsewhere, we could get an all-Serie A affair with AC Milan (13th) possibly getting drawn against Juventus (20th). The Rossoneri could also be paired with Feyenoord (19th), while Juve might have to head to another Eredivisie side in PSV (14th).

A meeting between Ligue 1 sides will definitely happen, with Paris Saint-Germain (15th) set to be pitted against Monaco (17th) or Brest (18th). Benfica (16th) will take on the team that dodges the French champions.

And Then...?

On February 21, the victorious sides from the knockout phase playoffs will then be drawn to face one of the top eight teams in another two-legged fixture in the round of 16.

UEFA has created a simulator to help demonstrate where those teams could go.

Interestingly, Liverpool, who finished in first place, could play any of the teams that finished the league phase in 15th through 18th.

That might seem unfair given the success they achieved in the opening stage, with the top seed usually given a meeting with the weakest side in a typical bracket format. But it was likely assumed that the 24th and 23rd teams will be knocked out by their 10th- or ninth-placed opponents. Should that happen, the top side would then have to face one of the relatively higher ranked opponents in their next European outing.

Instead, Liverpool are essentially guaranteed to face a team from the middle of the pack. In the best-case scenario, they could face the team that finished league play in 18th: Brest.

From there, the draw will see potential opponents detailed all the way until May's climactic game. All ties will be played across two legs, except for the final.

Do Eliminated Teams Drop into Europa League?

Nope. The changes to the competition format mean that the teams that finished 25th or lower in the league phase are out of European competition for the season.

There's no Europa safety net any more.