Whats the difference between this and the one Central Coast is competing in?

Champions League is for domestic league winners whilst the AFC cup is for runners up and domestic cup winners.

So pretty much the other one is the Europa cup of Asia

I think it’s based on what UEFA do. The AFC doesn’t recognise finals series as relevant to allocating positions in their continental tournaments.

Rightly, might I add.

But it is essentially the AFC's equivalent of UEFA's Europa League.
Next season is another stupid rebrand, but also puts it in line (ish) with UEFA in having a 3-tier continental championship set up:

1. AFC Champions League Elite (Champions League rebranded)
2. AFC Champions League 2 (AFC Cup rebranded)
3. AFC Challenge League (new tournament, but only open to champions, etc for countries that aren't represented in either of Tiers 1 and 2)

I wouldn’t call it a stupid rebrand. Basically it’s acknowledging the different levels in the leagues of the Asian confederation.
I think they are having tournaments to suit these differences.

They could have very easily just restructured the competition, and left the names the same (AFC Champions League, and AFC Cup)

Yokohama Lex Marinos!!!!!

all in all no matter the rebranding, I'm more rapted for HK finally experiencing a good coaching run and he's upped Ange/Muscat re this comp.
Kudos to him, must have his players believing in him and playing for him.
Always hoped HK would finally get somewhere coach wise, I'd say his tenure with Ange gave him alot of insight and with his playign experience in the top flight has to be useful knowledge incl coachs he played for.

Possibly future Roos coach?!

Or even next Olympic coach :) haha

Good stuff H! 

Going for the Mariners and the Marinos in the respective Cup finals.