NASCAR has proposed a new sponsorship model that will see nearly $20 million for top-tier sponsorship slots, according to a report by the Sports Business Journal.

NASCAR announced earlier this year plans to consider a multi-tier sponsorship model to replace the series title system, a long-held program that saw big names promoted alongside NASCAR including Monster Energy, Camping World and Gander Mountain Outdoors, and Xfinity.

No immediate changes will be made until 2020, which is after Monster Energy completes its final year of sponsorship. After the debut of the multi-tiered model, which is similar to the one used by the NCAA, the premier series would be known as the NASCAR Cup Series (with no title sponsor).

According to SBJ, a template for the highest tier would cost around $20 million annually, which is close to double the estimates experts made when the model was originally announced. The $20 million sponsorship would include $5 million for media marketing and $15 million worth of assets across the series and tracks.

NASCAR is said to be looking for about five sponsors for the top-tier division, which would include title deals for Cup Series races, signage for TV and opportunities to have brands involved in other areas of sponsorships.

For more information, visit NASCAR.com.