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 next 8 times on handicap are reserves for Round 1 of the President's Cup.
Start of Handicap 3: Round 1 of the President's Cup. A maximum of 32 runners are eligible to compete. Any runners in the top 32 eligible to compete in the President's Cup may be replaced with a reserve from the 8 runners.
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. The next 6 runners based on time difference are reserves for Round 2 of the President's Cup.
Start of Handicap 5: Round 2 of the President's Cup. A maximum of 16 runners are eligible to compete. Any runners in the top 16 eligible to compete in the President's Cup may be replaced with a reserve from the 6 runners.
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. The next 4 runners based on time difference are reserves for the Semi-final the President's Cup.
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 less competitors.