2024 MLB Home Run Derby: Time, odds, TV channel, format explained with Pete Alonso, Gunnar Henderson in field

Major League Baseball's 2024 Home Run Derby is set for Monday night as All-Star festivities continue at Globe Field Field, home of the reigning champion Texas Rangers . Headlining the eight-slugger bracket is Mets first baseman Pete Alonso , a two-time Home Run Derby champion (2019 and 2021). Alonso is looking to join Hall of Famer and Mariners legend Ken Griffey Jr. as the only three-time champs in Home Run Derby history. He's participating in the Derby for the fifth straight year.

Rounding out this year's eight-hitter field are Adolis García (Rangers), Gunnar Henderson ( Orioles ), Bobby Witt Jr. ( Royals ), José Ramírez ( Guardians ), Marcell Ozuna ( Braves ), Alec Bohm ( Phillies ), and Teoscar Hernández ( Dodgers ).

Here's how you can watch this year's Home Run Derby, plus more info.

Where to watch 2024 MLB Home Run Derby

Time: 8 p.m. ET | Date : Monday, July 15
Location : Globe Life Field, Arlington, Texas
TV channel : ESPN | Live stream: fubo (try for free)
Highlights: CBS Sports HQ

Home Run Derby format

The Home Run Derby has undergone several changes the last few years, which have livened up the event. This year's addition brings about a new round of format tweaks. Gone are head-to-head match-ups in the first round. Instead, all eight participants will compete against each other in the first round, and four will advance. Here's how the new format works :

First round: All eight players get three minutes or 40 pitches, whichever comes first, plus one timeout. The four leading home run hitters advance. Ties are broken using the longest home run distance. After the initial three minutes or 40 pitches, each player gets three bonus outs, where they continue hitting until three outs are recorded. Hitters can earn a fourth bonus out with a 425-foot homer in bonus time. This gives anyone who is trailing a chance to catch up because they can continue hitting homers in bonus time until they run out of outs.

Semifinals: The four remaining players are seeded 1-4 using first-round home run totals, then it's 1 vs. 4 and 2 vs. 3 in head-to-head matchups. It's again three minutes or 40 pitches with one timeout. The same bonus time rules apply.

Finals: The final two players will have two minutes or 27 pitches with one timeout, and the same bonus time rules. The player with the most homers wins.

In recent years, the eight players were seeded 1-8 using regular-season home run totals, then there were head-to-head matchups and a single-elimination tournament to decide the Home Run Derby. There was a time limit (three minutes in the first and second round, two minutes in the finals) but no pitch limit. Last year, no player saw fewer than 43 pitches in a round, so the new 40-pitch limit will speed things up and put a premium on efficiency (i.e. home runs per pitch).

Home Run Derby odds

According to Caesars Sportsbook, Alonso is the favorite to take home that elusive third Home Run Derby title. Here are the full odds for Monday's showdown:

• Pete Alonso: +275
  
• Gunnar Henderson: +375
• Bobby Witt Jr.: +400
• Marcell Ozuna: +475
  
• Adolis García: +575
• Teoscar Hernández: +1200
• José Ramírez: +1400
• Alec Bohm: +1700