Before the month is out, Heart of Midlothian will play a two-legged Europa League play-off tie to determine whether they enter the league phase of the Europa League or Conference League.

The club will finally find out the identity of their play-off opponent on Thursday evening - either Ukrainian side Kyrvbas or Czech outfit Viktoria Plzen. The Czechs have a 2-1 advantage from the first leg.

Whichever team Hearts face it should be viewed as a winnable tie in the same way it was two years ago when the team came up against then-Swiss champions FC Zurich. 

As for what tournament the team compete in has been the fixture of discussion and debate amongst fans for weeks and even months. With that in mind, let's lay out the two options, from format to prize money to potential opponents.

Europa League

Format

Hearts would be in pot 4 (the lowest due to their coefficient) and be drawn against two teams from each pot. They will play the eight teams once for a total of eight matches with an even four and four home and away split.

It is an increase of two games compared to previous editions of the Europa League due to the new format. And instead of the teams being split into groups it is a 36-team league phase with 24 teams reaching the knockout stage.

The 12 teams with the worst record in the league phase are eliminated while the eight teams with the best record progress to the last-16. The 16 teams enter the knockout play-off round.

Schedule

Games will be played:

September 25-26

October 3

October 24

November 7

November 28

December 12

January 23

January 30

Possible opponents

The following are the predicted pots (via Football Rankings) should Hearts qualify.

They are subject to change depending on results in Europa League qualification (the teams in bold and italics are qualified and confirmed as already being in that pot, the teams in bold have qualified for the league phase but the pot has not been decided):

Pot 1 - Roma, Manchester United, Porto, Ajax, Rangers*, Eintracht Frankfurt, Lazio, Tottenham Hotspur, and Slavia Prague.

Pot 2 - Real Sociedad, Dinamo Zagreb, AZ Alkmaar, Braga, Olympiakos, Lyon, Crvena Zvezda, PAOK, LASK.

Pot 3 - Fenerbahce, Maccabi Tel Aviv, Ferencvaros, Young Boys, Slovan Bratislava, Molde, Union SG, Dynamo Kyiv, Ludogorets.

Pot 4 - Malmo, Athletic Club, Hoffenheim, Nice, Apoel Nicosia, Anderlecht, Twente, Lugano, Hearts.

*Hearts can't be drawn against Rangers

Finance

Starting fee - €4.31million (which is made up of a €4.14million down payment and €170,000 balance)

Money for a win - €450,000

Money for a draw -  €150,000

League placing - €75,000 increments from 36th to 1st (for example finishing 33rd = €300,000)

Qualification for knockout play-off round: Additional €300,000

Conference League

Format

Instead of the four pots in the Europa League, the 36 teams in the Conference League are split into six pots. Hearts will likely be in pot 4 and will be drawn against a team from all six pots, playing each once with a three and three home and away split.

Like the Europa League, it is a 36-team league phase with 24 teams reaching the knockout stage. The 12 teams with the worst record in the league phase are eliminated while the eight teams with the best record progress to the last-16. The 16 teams enter the knockout play-off round.

Schedule

Games will be played:

October 3

October 24

November 7

November 28

December 12

December 19

Possible opponents

No team automatically qualifies for the Conference League.

The following are the predicted pots via Football Rankings and subject to change depending on results in Europa League and Conference League qualification:

Pot 1 - Chelsea, Copenhagen, Gent, Fiorentina, Real Betis, Istanbul Basaksehir

Pot 2 - Cluj, Legia Warsaw, Heidenheim, Djurgarden, Rapid Vienna, Lens

Pot 3 - Besiktas, Rijeka, Omonia Nicosia, Helsinki, Trabzonspor, Vitoria S.C.

Pot 4 - FCSB, Cercle Brugge, Shamrock Rovers, RFS, Mlada Boleslav, Hearts

Pot 5 - Petrocub, Brann, TSC Backa Topola, Borac Banja Luka, Jagiellonia, Celje

Pot 6 - Larne, Dinamo Minsk, Elfsborg, Panevezys, Vikingur Reykjavik, Ruzomberok

Finance

Starting fee - €3.17million (which is made up of a €3.05million down payment and €120,000 balance)

Europa League play-off round losing fee - €175,000

Money for a win - €400,000

Money for a draw - €133,000

League placing - €75,000 increments from 36th to 1st (for example finishing 20th = €476,000)

Qualification for knockout play-off round: Additional €200,000

The comparison

It is easy to break the choice down between the more lucrative Europa League - the extra home game and away trip and the standard of opponents - and the Conference League where there is a greater chance of reaching the knockout stage.

Just look at the teams waiting in store in the Europa League. Hearts would be guaranteed at least two blockbuster ties. That's a minimum. To hammer home the point, Athletic Bilbao could be a pot 4 team which seems, on the surface, absolutely bonkers.

If Hearts were to win their play-off round tie, they would likely have by far the lowest coefficient left in the competition.

For the players and management staff, they will want to test themselves at the highest level possible. That is the Europa League. The club would also benefit greatly from not only the prize money but also the ticket money from four home games and the TV revenue that comes with being in UEFA's secondary competition.

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On the flipside, we saw what happened against the likes of Fiorentina and Istanbul Basaksehir the last time in the Conference League. There were a few demoralising results. There is an increased chance of that in the Europa League due to the standard of opposition. I mean, pot 1 looks like it could be a Champions League pot.

As for the Conference League, the reasoned observer would see an opportunity for Hearts to be more competitive.

With the new format, six points - as Hearts picked up in their last Conference League outing - could earn qualification to the knockout play-off round. Seven points is almost guaranteed progression. Doing so is realistic when you consider the format and facing a team from each pot.

It would also help boost the country's coefficient and help ensure Scotland doesn't slip too far down to the point where a European place is lost.

For Hearts there would also be a chance of making up the money the club would receive in the Europa League through prize money from winning/drawing games and where they place in the league.

Add in the potential to reach the knockout stage after Christmas, it is a hugely exciting prospect.

Come next Thursday when Hearts are lining up in either Plzen or Kosice, the decision is academic. Every Hearts fan will forget about the differences between the competition and want the team to win, pushing the club closer to the Europa League.

It sure beats having to play - and lose to - Kelty Hearts in the Premier Sports Cup group stage.