To be eligible for the Libertad Trophy a team must fish in at least two legs, consisting of the the Captain Bob Lewis Billfish Challenge, The Florida Billfish Masters Tournament and The Yamaha Contender Miami Billfish Tournament. A team may fish the same boat for each tournament or change boats but must maintain the same Team name throughout the events. At least one Team member for each leg needs be the same registered angler that fished the previous leg(s). Angler and boat substitutions will be subject to each events specific regulations.

The winner will be determined by the total number of billfish releases for that Team compiled throughout the events. In the event of a tie, weight will be given to the Team that has fished all three events. If all tied Teams fished three events, the winner will be determined using the "last fish caught first" rule.