Northern Superchargers beat Southern Brave to win The Hundred Women final last summer after the Brave had racked up eight victories out of eight in the league stage.
The Superchargers have rebranded as Sunrisers Leeds this season while Oval Invincibles are now MI London and Manchester Originals are Manchester Super Giants.
One thing that hasn't changed is the quality of overseas players featuring in the tournament, including most of the Australia side who beat England in this month's T20 World Cup final at Lord's.
Southern Brave have reached four of the first five finals, winning only once. They are favourites for The Hundred Women in 2026 but all eight franchises have proven international matchwinners in their ranks.
Best Bet - Birmingham Phoenix to win The Hundred Women @ 8/1
Alternative Bet - Danni Wyatt-Hodge to be top MI London batter @ 5/4
Alternative Bet - Mady Villiers to be top Manchester Super Giants bowler @ 4/1
Best Bet: Birmingham Phoenix to win The Hundred Women @ 8/1
Birmingham Phoenix had a tough time in The Hundred last summer, losing six of their eight matches, but this season's player auction has given them the opportunity for a fresh start.
The Phoenix look dangerous outsiders, capable of upsetting market leaders Southern Brave, Sunrisers Leeds and MI London.
Their batting unit features Australia legend Ellyse Perry and England's Alice Capsey, both of whom played in this month's T20 World Cup final.
Experienced opener Tammy Beaumont starred in The Blaze's T20 Blast triumph this week and her 118 for Welsh Fire in 2023 remains the highest individual score made by a man or a woman in The Hundred.
Davina Perrin is at the other end of her career but she was the third-highest runscorer last season, helping the Superchargers win their first title.
Perrin knows Edgbaston well as she plays her county cricket for Warwickshire and she is one of England's most exciting young talents.
Spinners Linsey Smith and Alana King are established internationals for England and Australia and the Phoenix pace attack features Pakistan's Fatima Sana, who took 11 wickets in five T20 World Cup games.
Sunrisers Leeds look strong again. England all-rounder Dani Gibson captains a side including brilliant Aussies Phoebe Litchfield and Annabel Sutherland.
Beth Mooney, Nat Sciver-Brunt, Ash Gardner and Sophia Dunkley form a powerful top order for Trent Rockets but there are doubts over their specialist bowlers.
The Brave look short enough in the outright betting despite the presence of England fast bowler Lauren Bell – the leading wicket-taker in the history of The Hundred – and Australia's T20 World Cup-winning skipper Sophie Molineux.
Alternative Bet: Danni Wyatt-Hodge to be top MI London batter @ 5/4
England's T20 World Cup dream was dashed by Australia in the final but it was still a memorable tournament for opener Danni Wyatt-Hodge.
She finished with 302 runs, 64 ahead of Australia veteran Mooney, and looks a solid favourite to top the batting chart for MI London.
Wyatt-Hodge played for Southern Brave in the first five seasons of The Hundred, scoring 295, 227 and 239 runs in her last three campaigns.
Her new home is The Oval, where she has made six half-centuries in 13 T20 innings, including a blistering 89 not out against New Zealand in June's World Cup group-stage win.
Wyatt-Hodge also cracked 76 off 46 balls against Australia at The Oval in July 2023 and she should outscore main market rivals Hayley Matthews and Amelia Kerr.
Alternative Bet: Mady Villiers to be top Manchester Super Giants bowler @ 4/1
Sophie Ecclestone is a short-priced favourite to be Manchester Super Giants' top tournament wicket-taker.
However, opposition batters are well aware of Ecclestone's threat and tend to take fewer risks against England's star spinner.
She took 10 wickets in seven T20 World Cup games and has a surprisingly modest career record in The Hundred, claiming only 35 scalps in 33 appearances.
It could be worth taking on Ecclestone with fellow spinner Mady Villiers, who made her Test debut against India at Lord's this month.
Villiers bowled India captain Harmanpreet Kaur with a beauty in the first innings and she has been in excellent white-ball form.
She took two four-wicket hauls for Durham in this summer's T20 Blast and claimed 12 wickets – two more than Ecclestone – for the Brave in The Hundred last year.
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This article was written by a partner sports writer via Spotlight Sports Group. All odds displayed on this page were correct at the time of writing and are subject to withdrawal or change at any time.