Despite often being referred to as a secondary competition, the League Cup has undergone something of a renaissance in recent years, and is still widely regarded as a meaningful knockout tournament.
After Liverpool's penalty shoot-out success against Cardiff City in this year's showpiece final at Wembley back in February, the scenes of jubilation and misery from players and fans of both sides, proved once again just how important the trophy treasure trove remains.
Whilst some managers choose to turn their noses up at the significance of the League Cup, others use the competition as an opportunity to provide a platform for youth players and emerging talents to gain first-team experience in a competitive environment - the benefits are clear.
Today's announcement that the Carling Cup, as it was most recently known, has been rebranded to be called the Capital One Cup from the start of the new season under a four-year sponsorship agreement, comes just two weeks before the draw for next season's first round.
"This is terrific news for clubs and a great way to conclude what has been a memorable domestic football season," said Football League chief commercial officer Richard Heaselgrave.
"The Capital One Cup is in great shape having been re-invigorated in recent seasons by a number of memorable finals, some thrilling midweek cup football and a first glimpse of the stars of the future."
In tribute to the competition, GiveMeFootball thought it a good time to remember five memorable moments in League Cup history...
Sheffield Wednesday (1991)
It's the only major trophy that Sheffield Wednesday have won in their history since 1935, and they were also the last club to win the League Cup in English football while being outside the top tier.
To make their final harder, they had to face a strong Manchester United side that finished sixth in the first division that season.
John Sheridan's goal proved to be enough for the Owls on a remarkable day in the club's history.
Wigan's run to the Carling Cup final (2005-06)
Wigan Athletic are far from the most successful club in the Premier League, but their run to the Carling Cup final in 2005-06 is one of the club's greatest achievements.
The Latics kept clean sheets in five consecutive matches with notable victories over Newcastle, Bolton and Arsenal. The Gunners ended that run with victory in the semi-final second leg clash, but Wigan advanced on away goals after a 2-2 draw over two legs.
Their final ended in a disappointing 4-0 defeat to Manchester United, but the build up certainly was remarkable.
Burnley beat Arsenal against the odds (2008)
Arsenal's youngsters normally have been strong against non-Premier League opposition in tournaments, yet they found themselves out of the Carling Cup in the quarter-final stage in 2008 after being beaten by Burnley.
The victory marked the Clarets' third straight top-flight scalp.
Birmingham City 2-1 Arsenal (2011)
Arsenal had not won a trophy since the 2005 FA Cup, and went into this final against a Birmingham City side fancying their chances.
Alex McLeish's Blues side were later relegated from the Premier League, but confirmed their place in the 2011-12 Europa League with an unlikely victory over the Gunners.
Nikola Zigic gave Birmingham an early lead before Robin van Persie equalised before half-time. After a closely fought second-half, a mix-up between Wojciech Szczesny and Laurent Koscielny gifted on-loan striker Obafemi Martins an easy tap-in to seal the game.
Crystal Palace beat Manchester United at Old Trafford (2011-12)
The Eagles recorded a shock win at Old Trafford in the quarter-finals of this season's competition. Darren Ambrose's phenomenal strike edged Dougie Freedman's side in front, before Federico Macheda levelled the tie, taking the game to extra time.
However, Glenn Murray's header ensured the Championship side caused one of the biggest upsets in recent history with a 2-1 victory over Manchester United.