The competition will kick off the new campaign on Saturday, July 9 with every club who enters the group stages guaranteed to receive at least £22,000 for simply taking part.
That is the amount set aside for teams who finish bottom of their group, while fourth-placed sides will receive slightly more in the shape of a £23,250 payout.
Clubs who finish third will earn £25,000 while the five worst group runners-up - who fail to qualify for the knockout stages - will bank £29,000.
The eight teams knocked out at the last 16 round will be handed £50,000 with the four quarter-final losers earning £80,000.
The prize pot moves into five figures at the semi-final stage with the two losers standing to receive £110,000.
The team who finishes runner-up in the final will earn £160,000 with the winning side collecting more than double that amount with a £350,000 cash reward alongside the trophy, which Celtic currently hold after defeating Hibs 2-1 in last year's final at Hampden.
There are also additional payments for clubs selected to take part in live televised Premier Sports Cup ties with both home and away sides receiving a fee of £17,000 for a group stage fixture, and £27,000 for the knock-out stages including the final.
The total prize money amounts to £2,157,000 – a rise of nearly £150,000 from last season’s figure of £2,015,000.
Neil Doncaster, chief executive of the SPFL, said: “We are delighted to announce record prize money in this season’s Premier Sports Cup. Premier Sports have been fantastic supporters of our premier cup competition. Their investment into the Cup has allowed us to announce record prize money this season and these funds will continue to support our clubs as they recover from the pandemic.
“With the first-round group stage kicking off on 9 July, we are very much looking forward to another year of passion, drama and excitement in this season’s Premier Sports Cup, live on Premier Sports.”