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Euroleague Basketball, commonly known as the Euroleague, is the highest level tier and most important professional club basketball competition in Europe, with teams from up to 18 different countries, members of FIBA Europe.
Since the 2009–10 season, the Euroleague's first phase has been the Qualifying Rounds, which involve eight clubs bracketed into a knockout tournament consisting of two-legged matches. The four survivors of the First Qualifying Round are paired against one another for the Second Qualifying Round, with the two winners continuing in the Euroleague. All losing clubs in the Qualifying Rounds parachute into ULEB's second-tier Eurocup.
The next phase is the Regular Season, in which 24 teams participate; from 2009–10, the participants will include 22 clubs automatically entered into the Regular Season plus the two Qualifying Round winners. Each team plays two games (home-and-away) against every other team in its group. At the end of the Regular Season, the field is cut from 24 to 16.
The second phase, known as the Top 16, then begins, featuring the 16 survivors of the Regular Season, drawn into four-team groups. As in the Regular Season, each Top 16 group is contested in a double round-robin format.
The third phase, the Quarterfinal round, has been played since the 2004–05 season. Before, only the group winners advanced to the Euroleague Final Four.
Now, the first- and second-place teams from each group advance. In the quarterfinal round, the first-place team from each group is matched against a second-place team from another group in a playoff series. Home advantage in the series goes to the first-place team.
The Final Four, held at a predetermined site, features the winners of the four quarterfinal series in one-off knockout matches. The semifinal losers play for third place; the winners play for the championship.
2011-12 EUROLEAGUE REGULAR SEASON TEAMS:
Bennet Cantu; Bizkaia Bilbao; Caja Laboral; Fenerbahce Ulker; Olympiacos; SLUC Nancy
Brose Baskets; CSKA Moscow; KK Zagreb; Panathinaikos; Unicaja; Zalgiris Kaunas
Anadolu Efes; Belgacom Spirou; Maccabi Electra; Emporio Armani; Partizan mt:s; Real Madrid
Asseco Prokom; FC Barcelona Regal; Galatasaray; Montepaschi Siena; Unics Kazan; Union Olimpija