The draw of the tournament was held on November 25, 2011, at 15:00, in Luque, Paraguay. For the first stage, each of the six ties contains one team from each pot. For the second stage, each of the eight groups contains one team from each pot. Teams from the same association in Pots 1 and 3 cannot be placed in the same group. However, a first stage winner may be drawn with a team from the same association in the second stage. As per agreement when deciding the seeding for the 2011 Copa Libertadores, Bolivia, Chile, Paraguay and Uruguay all had their berth 1 teams be seeded teams for 2012 instead of the berth 1 teams from Colombia, Ecuador, Peru and Venezuela for 2011. † Teams had not yet fully qualified to the specific berth when the draw took place.
Schedule
All dates listed are Wednesdays, but matches may be played on the day before and after as well.
First stage
The First Stage, played in home-and-away two-legged format, began on January 24 and ended on February 2. Team 1 played the second leg at home.
Second stage
The second stage, played in home-and-away round-robin format, began on February 7 and ended on April 19. The top two teams from each group advanced to the Round of 16.
The 16 qualified teams are seeded in the knockout stages according to their results in the second stage, with the group winners seeded 1–8, and the group runners-up seeded 9–16. The teams were ranked by: 1. Points ; 2. Goal difference ; 3. Goals scored ; 4. Away goals ; 5. Drawing of lots.
Bracket
Round of 16
The Round of 16 began on April 25 and ended on May 10. Team 1 played the second leg at home.
Quarterfinals
The Quarterfinals began on May 16 and ended on May 24. Team 1 played the second leg at home.
Semifinals
The Semifinals began on June 13 and ended on June 21. Team 1 played the second leg at home.
Finals
The Finals were played over two legs, with the higher-seeded team playing the second leg at home. If the teams were tied on points and goal difference at the end of regulation in the second leg, the away goals rule would not be applied and 30 minutes of extra time would be played. If still tied after extra time, the title would be decided by penalty shootout. ---- Corinthians won on points 3–1.
