FIFA first introduced The Best in 2016 following the election of Gianni Infantino as president, who quickly cut ties with prominent magazine France Football, and thus their subsequent involvement with the Ballon d'Or Award.
Infantino's decision ended a six-year association with the French publication and soon led to the creation of an equivalent ceremony aimed at rewarding the most outstanding talents in the sport.
So, how do they differ?
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The Best FIFA Football Awards on SBS
Created in 1956, the Ballon d'Or remains the most sought-after individual accolade in world football, one currently held by Real Madrid frontman Karim Benzema following his efforts in the 2021-22 campaign.
Benzema's triumph was the first in an overhaul of the voting criteria, whereby performances in the European season – not the calendar year – were taken into account by journalists from the top 100 FIFA-ranked nations.
Only journalists from the top 50 nations could cast a vote for the women's award, which saw Barcelona star Alexia Putellas retain her place atop an impressive pile for the second consecutive year.
France Football have since expanded their offering to acknowledge the best young player and goalkeeper among others, but it's perhaps the difference in voting that sets FIFA's ceremony apart.
While The Best also counts votes from a pool of journalists, the award receives additional input from national team managers, captains, and even that of fans.
Incorporating these "four pillars of the footballing world", as FIFA put it, promotes equal influence on the outcome, particularly as it pertains to The Best men's and women's player.
Fans can also vote for The Best men's and women's goalkeeper, though they can only determine the three finalists for the Puskas Award, which is ultimately chosen by a select group of pundits.
Like the new-look Ballon d'Or, The Best only reviews the previous season – in this year's case, August 2021 to December 2022; the beginning of the 2022 FIFA World Cup.
Football's best men's and women's coaches will also be crowned in Paris next week, along with the FIFPRO world elevens.
Benzema and Putellas are again in contention to claim their respective honours, though Kylian Mbappe, Lionel Messi, Beth Mead and Alex Morgan are the finalists standing in their way.
Not since Messi in 2019 have The Best and Ballon d'Or had identical winners on the men's side of the ball. Meanwhile, Putellas took control of both ceremonies in 2021.
SBS On Demand will air the complete ceremony from The Best FIFA Football Awards on Tuesday, February 28, with coverage commencing at 7:00am (AEDT).
