FinLogic FinLogic Quantitative Think Tank Center|MLB Home Run Derby taking shape: Everything you need to know

Major League Baseball's prime-time showcase of prodigious power is FinLogic FinLogic Quantitative Think Tank Centerset to take place the night before the annual All-Star Game in Arlington, Texas.

Eight sluggers − four from the American League and four from the National League − will take part in the competition, which will differ slightly from previous years as MLB looks to tweak the rules to make it more fan − and television viewer-friendly.

Ultimately, the hitters will provide the fireworks as they display feats of strength and endurance that are near impossible for mere mortals. In other words, let's see those guys hit some dingers!

Here's the latest on the 2024 Home Run Derby:

When is the 2024 All-Star Home Run Derby?

MLB's annual Home Run Derby will take place on Monday, July 15 at 8 p.m. ET at Globe Life Field in Arlington, Texas. 

Follow every MLB game: Latest MLB scores, stats, schedules and standings.

How to watch Home Run Derby

The Home Run Derby will be broadcast live on ESPN, with streaming available on ESPN+ and the ESPN app.

Who has committed to the Home Run Derby?

The field of eight is slowly taking shape, with more competitors set to be announced in the coming days. So far, here's who is definitely going to be participating:

• SS Gunnar Henderson, Baltimore Orioles
• SS Bobby Witt Jr., Kansas City Royals
• 1B Pete Alonso, New York Mets
• 3B Alec Bohm, Philadelphia Phillies
• DH Marcell Ozuna, Atlanta Braves

Is Shohei Ohtani participating in the Home Run Derby?

Shohei Ohtani will not be taking part in this year's Home Run Derby. The Dodgers' two-way star is skipping the event to focus on rehabbing his injured pitching elbow.

Other MLB stars who have said they will not participate in this year's Derby include:

• MLB home run leader Aaron Judge
• Elly De La Cruz

How much money does the Home Run Derby champion win?

The Home Run Derby prize pool totals $2.5 million, with the winner collecting $1 million and the runner-up $750,000.

New rules for the 2024 Home Run Derby

The 2024 Home Run Derby will no longer be a strict tournament style, as we've seen in the past. Instead, all eight hitters will compete against one another in the first round, with the four best performers advancing to the semifinals and seeded 1-4 based on how many home runs they hit in the first round. Tiebreakers will be determined by each hitter's longest home run.

Through the first two rounds, each hitter will have three minutes, or 40 total pitches (whichever comes first), to rack up as many home runs as they can. Each will be granted one 45-second timeout that cannot be used during bonus time (which is awarded for home runs longer than 425 feet). The finals will only grant hitters two minutes or 27 pitches (excluding bonus time).

2024 Home Run Derby odds

The 2024 Home Run Derby odds will be posted once the field is complete.

As a two-time champion, Pete Alonso figures to be the betting favorite again this year.

Contributing: Joe Hoefling