The football governing body inaugurated the new African inter-club competition at a meeting in Arusha, Tanzania, on Wednesday.
CAF announced that the African Super League will be operated on a budget of $200 million and will kick off in August 2023.
The fee is over five times the $2.5 million awarded to the winners of the CAF Champions League.
CAF also added that each of its 54 member associations would receive $1 million annually, whilst $50 million would be set aside for women’s football and youth development.
CAF said the Super League will be played by 24 teams from three regions (North Africa, West/Central Africa, South/East Africa) and 16 different countries.
A total of 197 matches will be played between August and May, with the finalists playing a maximum of 21 games. The league will include both promotion and relegation playoffs.
The final will be a one-legged tie at a neutral ground later in the season.