The Custom Shoot-Out is an "Invitation Only" billfish tournament, limited to "custom-built" (non-production) 32' or larger inboard sport-fishing boats. The Custom Shoot-Out perpetual trophy will be awarded to the top custom boat manufacturer for display until the following year's challenge. Other trophies and merchandise will be awarded for several categories.

In the interest of fishing conservation, the tournament will be an "all-release" billfish format.