The current name has been used since 1975. Between 1975 and 1983 it had no host nation, and was held in a home and away fashion. The current final tournament features 12 national teams competing over a month in the host nation. There are two phases: the group stage followed by the knockout stage. In the group stage, teams compete within three groups of four teams each. Three teams are seeded, including the hosts, with the other seeded teams selected using a formula based on the FIFA World Rankings. The other teams are assigned to different "pots", usually based also on the FIFA Rankings, and teams in each pot are drawn at random to the three groups.Each group plays a round-robin tournament, in which each team is scheduled for three matches against other teams in the same group. The last round of matches of each group is not scheduled at the same time unlike many tournaments around the world. The top two teams from each group advance to the knockout stage as well as the two best third-place teams. Points are used to rank the teams within a group. Three points are awarded for a win, one for a draw and none for a loss.The knockout stage is a single-elimination tournament in which teams play each other in one-off matches, with penalty shootouts used to decide the winner if a match is still tied after 90 minutes in the quarter-finals and semi-finals, and after extra time in the final.It begins with the quarter-finals,thensemi-finals,the third-placematch(contested by the losing semi-finalists), and the final.