End of Handicap 2: The top 32 times on handicap at the end of Handicap 2 are eligible to compete in the President's Cup. The knockout rounds are then conducted in each of the upcoming staggered start (odd-numbered) 10km handicaps.
Start of Handicap 3: Round 1 of the President's Cup. A maximum of 32 runners are eligible to compete.
End of Handicap 3: Time differences for the 32 runners are calculated. The top 16 runners based on time difference are eligible to compete in Round 2.
Start of Handicap 5: Round 2 of the President's Cup. A maximum of 16 runners are eligible to compete.
End of Handicap 5: Time differences for the 16 runners are calculated. The top 8 runners based on time difference are eligible to compete in Round 3.
And it goes on just like the eliminator during Handicap 7 with the final 4 contesting the President's Cup in Handicap 9.
From 2022 and beyond there are no longer any reserves. This means if you make the next round and don't show up to compete, there will just be fewer competitors.