The top tier of the reconfigured competition kicks off on Monday with a field reduced to 24 teams from 40 and features the champions of Japan, Saudi Arabia, South Korea and China as well as title holders Al Ain from the United Arab Emirates.
Play commences with a new format, trophy and logo as well as three times more cash available for the new champions, who stand to pocket up to $12 million after the May 4th final.
"The motivation was to ensure that we have quality matches rather than just quantity," Windsor John, general secretary of the governing body, told Reuters of the reasons behind the overhaul.
"The last competition had 40 teams and a lot of matches. We've focused on quality because we wanted Asian investors, and foreign investors to invest in Asian clubs.
"We're telling them we have the cream playing so come and invest in our competitions, come and invest in our clubs.
"We are also sending the message to players that there are top teams playing, they can come and play some good matches here."
Continental club competitions have been organised by the AFC since 1967, with the Asian Champions League launched in 2002 in an effort to encourage the further development of professional leagues that had started in South Korea, Japan and elsewhere.
The group phase grew in 2021 to feature 40 clubs but a renewed focus has seen the top tier slashed to 24 teams alongside the introduction of a second-tier event, the 32-team Asian Champions League Two.
"It was time to relook at the competition after so many years," said John.
"We want people, not just in Asia, to talk about our competition. You have to look at the whole package. We hope it will drive club football forward."
John said the move from the old format, which saw 10 four-team groups playing each other on a home-and-away basis, will add much-needed variety.
The new edition uses the Swiss League system and sees clubs split into 12-team leagues in East and West Asia, with each team playing eight different opponents after a computer-assisted draw.
The first eight finishers in each league advance to March's knockout rounds, with the quarter-finals, semi-finals and final to be played in a centralised competition in Saudi Arabia in April and May.
"The new format gives you eight different flavours," said John.
"Before it was only three teams, and you had to play these twice. On a sporting side that means every match will be exciting."