The first phase is a regular season, in which the competing teams are drawn into three groups, each containing eight teams. Each team plays every other team in its group at home and away, resulting in 14 games for each team in the first stage. The top 5 teams in each group and the best sixth-placed team advance to the next round. The complete list of tiebreakers is provided in the lead-in to the Regular Season results.
This was the last season in which the Euroleague teams were divided into three groups. The 2008–09 Regular Season was reorganised with four groups of six teams each, with the top four teams in each group advancing to the Top 16.
The surviving teams are divided into four groups of four teams each, and again a round-robin system is adopted resulting in 6 games each, with the top 2 teams advancing to the quarterfinals. Tiebreakers are identical to those used in the Regular Season.
In the quarterfinals, the top placed teams from each Top 16 group play second placed teams from a different group in a best-of-three playoff series, with the winners of those series advancing to the Final Four.
This was the last season for best-of-three quarterfinals; in 2008–09, the quarterfinals became best-of-five.
The culminating stage of the Euroleague in which the four remaining teams play a semifinal match and the winners of those advance to the final. The losers play in a third-place playoff. The team which is victorious in the Final will be Euroleague champion.
A draw to set up the Top 16 groups was held on Monday, February 4, 2008 (the week after the end of the Regular Season), in Madrid.
The teams were placed into four pools, as follows:
Level 1: The three group winners, plus the top-ranked second-place team
CSKA, Panathinaikos, Lietuvos Rytas, Real Madrid
Level 2: The remaining second-place teams, plus the top two third-place teams
Maccabi, Montepaschi, Unicaja, Tau Cerámica
Level 3: The remaining third-place team, plus the three fourth-place teams
Barcelona, Efes, Žalgiris, Fenerbahçe
Level 4: The fifth-place teams, plus the top ranked sixth-place team
Olympiacos, Aris, Partizan, Lottomatica
Each Top 16 group included one team from each pool. The draw was conducted under the following restrictions:
No more than two teams from the same Regular Season group can be placed in the same Top 16 group.
No more than two teams from the same country can be placed in the same Top 16 group.
If there is a conflict between these two restrictions, (1) will receive priority.
Another draw was held to determine the order of fixtures. In cases of two teams from the same city in the Top 16 (Panathinaikos and Olympiacos, Efes Pilsen and Fenerbahçe), they were scheduled so that only one of the two teams would be at home in a given week.
Key to colors
Top two places in each group advance to quarterfinals
Each quarterfinal was a best-of-three (if third serie necessary) series between a first-place team in the Top 16 and a second-place team from a different group, with the first-place team receiving home advantage. All opening games were played on April 1, 2008, and all second games were played on April 3. The deciding third games were played on April 9 and April 10.
The Final Four is the last phase of each Euroleague season, and is held over a weekend. The semifinal games are played on Friday evening. Sunday starts with the third-place game, followed by the championship final.
^Hala Olivia was closed indefinitely due to structural problems. Prokom's remaining home Euroleague games were moved to the arena that they use for domestic matches. "Due to force majeure, Prokom changes arenas". Euroleague.net. 2007-12-18. Archived from the original on 20 December 2007. Retrieved 2007-12-19.