06/29/2015 01:01 EDT | Updated 06/29/2016 05:59 EDT

MLB home run derby gets new format

Just a day after it was announced Miami Marlins star outfielder Giancarlo Stanton would be out until August with a broken hand, Major League Baseball announced a new-look home run derby that perhaps would have benefited him most.  

It will be the first edition of the event where sluggers will be rewarded for launching long home runs, which the powerful Stanton is known for.

This year's home run derby, which will take place on July 13 at Great American Ball Park in Cincinatti, will also feature a playoff bracket and a time limit for each batter.

The eight batters who are chosen for the event, down from 10 in 2014, will face off in a head-to-head battle format, and will be seeded based on home runs they have hit as of July 7. 

The sluggers will be on the clock with a five-minute limit on each at bat, rather than the 10-outs format used in the past, eliminating the ability for them to be able to wait for the perfect pitch. The batter who hits more home runs in his five-minute segment moves on. If a batter can hit two home runs that exceed 420 feet, one additional minute will be added, while smoking one 475 feet will tack on 30 seconds. One minute and 30 seconds is the most extra time a batter can earn.

Candidates to participate in the event  include Cincinatti third baseman Todd Frazier, Colorado third baseman Nolan Arenado, and Los Angeles Angels first baseman  Albert Pujols. They will all benefit from the absence of Stanton, who has hit six of the 11 longest home runs this season, including two that travelled 484 feet.

Detroit outfielder Yoenis Cespedes, who is the two-time defending champion, will also likely be a candidate to keep his crown.