The Setanta Sports Cup prize fund will remain unchanged for 2012 with the winners picking up 50,000 Euro.
Linfield and Crusaders are among four seeded teams earning byes to the quarter-finals along with holders Shamrock Rovers and Sligo Rovers.
Cliftonville, Derry City, Glentoran, Lisburn Distillery and Portadown will be involved in first-round ties with St Patrick's Athletic, Bohemians and Bray.
The draw for the two-legged first-round ties will take place on 25 January.
First-round games will take place on 13 and 20 February.
The runners-up will earn 30,000 with 15,000 going to the losing semi-finalists, 10,000 to quarter-finalists and 7,500 for clubs defeated in round one.
Additional performance bonuses of 2,000 for match wins and 1,000 for draws will also be up for grabs in the competition with the exception of the final.
"I thank Setanta Sports for their ongoing commitment to the competition and everyone from the FAI and IFA who gives it support," said Milo Corcoran, the chairman of the competition's organising committee.
"With standards continuing to increase on both sides of the border, the 2012 Setanta Sports Cup is sure to be a big draw with numerous exciting potential ties."
The competition has been running since 2005.