MIAMI -- Eight of baseball's very best sluggers will take their hacks in the 2017 Home Run Derby at Marlins Park on Monday night. Thanks to the new format implemented two years ago, the Home Run Derby has regained a lot of luster and is genuinely exciting again. It had gotten stale under the old format.

Here's how you can watch the Home Run Derby on Monday.

Date: Monday, July 10

Time: 8 p.m. ET

Television: ESPN

Streaming: WatchESPN

Now that you know how to watch Monday's event, here are four things to know about the 2017 Home Run Derby.

The new format remains in place.

Under the current format, the eight players are seeding 1-8 and meet head-to-head in a bracket style tournament. Each player gets four minutes to hit as many home runs as possible, though they can earn bonus time in various ways:

During the final minute, the clock stops when a player hits a home run and does not restart until a swing results in a non-homer. That gives the player a chance to hit multiple home runs with the clock stopped.

Players who hit two home runs at least 440 feet earn 30 seconds of bonus time. The clock does not stop during the 30 seconds of bonus time.

Each player has one 45-second time out in the first and second round. In the finals, each player gets a 45-second and 30-second timeout.

So, in theory, the Home Run Derby could never end if a player keeps hitting home runs with the clock stopped in the final minute. Intrigue!

Stanton is the defending champion.

Marlins slugger and hometown hero Giancarlo Stanton is the defending Home Run Derby champion and he will be back to defend his crown this year. His 61 home runs in last year's Home Run Derby are all all-time record.

Stanton was put on this Earth to mash baseball's in a Home Run Derby. He could be just starting a long stretch of consecutive titles.

By the way, the most consecutive years as Home Run Derby champion is two. Hall of Famer Ken Griffey Jr. (1998-99) and Mets outfielder Yoenis Cespedes (2013-14) have both done it. Stanton could join them. (Griffey has three Home Run Derby titles. He won in 1994 as well.)

Here is the Home Run Derby bracket.

By virtue of being the reigning Home Run Derby champ, Stanton was given the No. 1 seed this year. The remaining seven players were seeded based on their 2017 home run total as of Tuesday, July 4. Here is the Home Run Derby bracket:

The Stanton vs. Gary Sanchez and Aaron Judge vs. Justin Bour matchups means there will be a hometown Marlins player against a Yankees player in two first round matchups. Considering the vast majority of baseball fans love to hate the Yankees, those matchups should be really fun. The Marlins Park crowd will definitely be into it.

Stanton, not Judge, is the favorite

Even though Judge leads baseball with 30 home runs at the moment, Stanton is the favorite to win the 2017 Home Run Derby, according to Bovada. Here are the full odds:

Sanchez at 16/1 is a really nice bet. He's only hit 13 home runs this season, but don't be fooled. He missed a month with a biceps injury, and in a batting practice setting, Sanchez can hit the ball as far as anyone. If he can beat out Stanton in the first round, Sanchez has a real chance to pull this thing off despite having the worst odds.