The first phase was a regular season, in which the competing teams were drawn into three groups, each containing eight teams. Each team played 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 advanced to the next round. The complete list of tiebreakers was provided in the lead-in to the Regular Season results.
If one or more clubs were level on won-lost record, tiebreakers were applied in the following order:
- Head-to-head record in matches between the tied clubs
- Overall point difference in games between the tied clubs
- Overall point difference in all group matches (first tiebreaker if tied clubs were not in the same group)
- Points scored in all group matches
- Sum of quotients of points scored and points allowed in each group match
Key to colors
||Top five places in each group, plus highest-ranked sixth-place team, advanced to Top 16
The surviving teams were divided into four groups of four teams each, and again a round robin system was adopted resulting in 6 games each, with the top team advancing to the Final Four. Tiebreakers were identical to those used in the Regular Season.
This was the last season in which teams advanced directly from the Top 16 to the Final Four. A quarterfinal round was introduced in the 2004–05 season.
The draw was held in accordance with Euroleague rules.
The teams were placed into four pools, as follows:
Level 1: The three group winners, plus the top-ranked second-place team
Level 2: The remaining second-place teams, plus the top two third-place teams
Level 3: The remaining third-place team, plus the three fourth-place teams
Level 4: The fifth-place teams, plus the top ranked sixth-place team
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 could be placed in the same Top 16 group.
- No more than two teams from the same country could be placed in the same Top 16 group.
- If there is a conflict between these two restrictions, (1) would receive priority.
Another draw was held to determine the order of fixtures. In the case of two teams from the same city in the Top 16 (Panathinaikos and Olympiacos, Efes Pilsen and Ülker) they were scheduled so that every week only one team would be at home.
Key to colors
||Top place in each group advanced to Final four