The NBA announced the participants for the MTN DEW Three-Point Contest on All-Star Saturday Night:

CJ McCollum, New Orleans Pelicans
Trae Young, Atlanta Hawks
Zach LaVine, Chicago Bulls
Desmond Bane, Memphis Grizzlies
Karl-Anthony Towns, Minnesota Timberwolves
Fred VanVleet, Toronto Raptors
Luke Kennard, Los Angeles Clippers
Patty Mills, Brooklyn Nets

The Three-Point Contest will be sandwiched between the Taco Bell Skills Challenge and the AT&T Slam Dunk contest. 

Here's the NBA's official press release:

NBA All-Stars Zach LaVine of the Chicago Bulls, Karl-Anthony Towns of the Minnesota Timberwolves, Fred VanVleet of the Toronto Raptors and Trae Young of the Atlanta Hawks headline the 2022 MTN DEW 3-Point Contest, which will take place on Saturday, Feb. 19 at Rocket Mortgage FieldHouse in Cleveland.  The eight-player field for the two-round, timed shooting competition also features guard Desmond Bane of the Memphis Grizzlies, guard Luke Kennard of the LA Clippers, guard CJ McCollum of the Portland Trail Blazers and guard Patty Mills of the Brooklyn Nets. 

The MTN DEW 3-Point Contest is part of State Farm All-Star Saturday Night, which also includes AT&T Slam Dunk and the Taco Bell Skills Challenge.  All-Star Saturday Night will air live on TNT and ESPN Radio in the United States at 8 p.m. ET. 

A first-time MTN DEW 3-Point Contest champion will be crowned this year.  LaVine, a two-time AT&T Slam Dunk champion, will make his third consecutive appearance in the MTN DEW 3-Point Contest.  Young will compete for the second time.  Bane, Mills, Towns and VanVleet are first-time participants, as are Ohio natives Kennard and McCollum.

The MTN DEW 3-Point Contest will again feature THE DEW ZONE, two deep shot locations positioned equidistant between the traditional racks at the top of the 3-point arc and the adjacent “wing” rack.  Each of the two ball pedestals in THE DEW ZONE is located 6 feet behind the 3-point line and holds one special green ball, the “3-Ball.”  Shots made with the green ball are worth three points.    

In addition to THE DEW ZONE, the MTN DEW 3-Point Contest will have five main shooting locations: four racks containing four official NBA game balls (each worth one point) and one multicolored “money” ball (worth two points), and one special rack with all money balls.  Each participant can place the rack with all money balls at any of the five main shooting locations.  Every ball on this rack is worth two points.

Each competitor will have 70 seconds (1:10) to shoot as many as the 27 balls as he can, with a maximum possible score of 40 points in a round.  The three competitors with the highest scores in the first round will advance to the championship round.  The player with the highest score in the championship round will win the MTN DEW 3-Point Contest.  Click here for a complete explanation of the rules and a diagram showing the shooting locations.