The final stages had been originally scheduled to be played from 21 July to 7 November 2020, but were postponed due to the COVID-19 pandemic.[5]
Qualified teams
The 16 winners of the second stage advanced to the round of 16.
Seeding
Starting from the round of 16, the teams are seeded according to the second stage draw, with each team assigned a "seed" 1–16 corresponding to the tie they win (O1–O16) (Regulations Article 2.2.2.1).[3]
In the round of 16, quarterfinals, and semifinals, each tie is played on a home-and-away two-legged basis, with the higher-seeded team hosting the second leg (Regulations Article 2.2.2). If tied on aggregate, the away goals rule will be used. If still tied, extra time will not be played, and a penalty shoot-out will be used to determine the winner (Regulations Article 2.4.2).
The final is played as a single match at a venue pre-selected by CONMEBOL, with the higher-seeded team designated as the "home" team for administrative purposes (Regulations Article 2.2.2.3). If tied after regulation, 30 minutes of extra time will be played. If still tied after extra time, a penalty shoot-out will be used to determine the winner (Regulations Article 2.4.3).
Bracket
The bracket starting from the round of 16 is determined as follows:
Round
Matchups
Round of 16
(Higher-seeded team host second leg)
Match A: Winner O1 vs. Winner O16
Match B: Winner O2 vs. Winner O15
Match C: Winner O3 vs. Winner O14
Match D: Winner O4 vs. Winner O13
Match E: Winner O5 vs. Winner O12
Match F: Winner O6 vs. Winner O11
Match G: Winner O7 vs. Winner O10
Match H: Winner O8 vs. Winner O9
Quarterfinals
(Higher-seeded team host second leg)
Match S1: Winner A vs. Winner H
Match S2: Winner B vs. Winner G
Match S3: Winner C vs. Winner F
Match S4: Winner D vs. Winner E
Semifinals
(Higher-seeded team host second leg)
Match F1: Winner S1 vs. Winner S4
Match F2: Winner S2 vs. Winner S3
Finals
(Higher-seeded team designated as "home" team)
Winner F1 vs. Winner F2
The bracket was decided based on the second stage draw, which was held on 23 October 2020.
^The Defensa y Justicia v Coquimbo Unido match, originally scheduled on 14 January 2021, 21:30 local time was re-scheduled for 16 January 2021, 20:30 local time due to the postponement of the first leg to 12 January 2021.[15]