The eleventh season of the series Show Me the Money (known as Show Me the Money 11: The New One) premiered on October 21, 2022. It aired every Friday at 23:00 (KST) on Mnet. The season featured four new producer teams in Lil Boi & GroovyRoom, Jay Park & Slom, The Quiett & Leellamarz, and Justhis & R. Tee.

Auditions in South Korea were held from July 1 to 30, 2022. There are also auditions held in Los Angeles, the United States, on August 13 and 14 of the same year, with Jay Park and Justhis as the judges for this particular audition. This marked the show's first auditions in the United States after 5 years when it was done for Season 6. The season saw about more than 30,000 applicants, the highest number throughout the series.

Lee Young-ji is announced as the winner of the season, with Jay Park & Slom being the winning team. She will receive ₩100,000,000 in prize money, plus first class air ticket and accommodation stay in Beverly Hills, worth ₩100,000,000 in total. Lee also became the first female contestant and former High School Rapper winner to win the series.

Judges Team Lil Boi x GroovyRoom Lil Boi: Rapper and former CEO, under his own label Halftime Records, and is one half of the rap duo Geeks. Previously, as a contestant, he participated in Season 4, and in Season 9 where he was crowned the winner of the season. GroovyRoom: Producer duo composed of Park Gyu-jeong and Lee Hwi-min. Founder of their own label AREA and is also currently signed under H1ghr Music. Previously participated in Season 9 as part of Team GroovyRoom x Justhis.

Team Jay Park x Slom Jay Park: Rapper, singer, and current CEO of More Vision. Also a former CEO of AOMG and H1ghr Music. Previously participated in Seasons 4 and 6 as producer for Team AOMG Slom: Producer who is currently signed under Zion.T's label Standard Friends. Member of HOLOCOIN. Previously participated in Season 10 as a producer under Team Tsla.

Team The Quiett x Leellamarz The Quiett: CEO and rapper currently signed under Daytona Records. Also a former CEO of the defunct Illionaire Records. Previously participated in Seasons 3 (where he was the winning producer for Team Illionaire), 5 and 7 (as member of Team Illionaire Ambition). Leellamarz: Rapper currently signed under Ambition Musik. Previously participated in season 5 as a contestant.

Team R. Tee x Justhis R. Tee: Producer currently signed under The Black Label. Justhis: Rapper currently signed under GROOVL1N. Previously participated in season 9 as a producer under Team GroovyRoom x Justhis.

Teams The Producer Team line-ups were formed during the 60-Second Team Rapper Casting round, in which eleven members per team were selected.

Team Jay Park x Slom (also known as Slay) Lee Young-ji – Winner of High School Rapper 3. Previously took part in Good Girl. Jambino – Signed under 8BallTown. Previously participated in season 9 as a member of Team CodePalo. Toigo – Member of Under Seongsu Bridge (USB) crew. Previously participated in seasons 9 and 10. Xinsayne – Signed under Doubleduvett. Previously participated in season 10 under his real name Shin Yong-joon. J'Kyun – Former member of Lucky J. Previously participated in seasons 2, 5 and 6 as J'Kyun and season 8 and 9 as the masked rapper Cox Billy. Park Myung-hoon – Known as Kambo. Signed under GBG. Previously participated in Drop The Bit. Takewon – Signed under Halftime Records. Previously participated in season 1. Justin Park – Korean-American rapper. Signed under 5A Label. Koo Bon-gyeom – Known as RB Nine. Member of Mighty Lynx crew. Yanu – Formerly signed under Halftime Records. Previously participated in seasons 8, 9 and 10. Hoongyo – N/A

Team R. Tee x Justhis (also known as R. Jus) Huh – Signed under Amoeba Culture. Previously participated in seasons 8 and 9 as Rose de Penny (Heo Sung-hyun). Don Malik – Signed under Ambition Musik. Member of Doppelgängem crew. Khan – Member of NFL crew. Previously participated in season 9 and Drop The Bit. Los – Korean-American rapper. Signed under VMC. Previously participated in seasons 6 and 7. Mckdaddy – Member of Vagabonds Tribe. Previously participated in seasons 7, 8 and 9. Unofficialboyy – Member of D.O.G crew. Previously participated in seasons 4, 5, 7, 8 and 10, and High School Rapper. Lee Seo-jin – Known as Dam1noise. Signed under Navyl1ne. Jo Chae-hyun – N/A Neuns – N/A Rolldice – Korean-American rapper. Lee Seul-yi – Known as 2Da.

Team The Quiett x Leellamarz (also known as Quiolin) NSW Yoon – Signed under Talented. QM – Signed under VMC. Crucial Star – Signed under his own label Starry Nightt Music. Previously participated in seasons 4 and 9. Damini – Rookie rapper. Signed under Minefield. Kim Jae-wook – N/A Kim Do-yoon – N/A Song Jin-woo – N/A Woolenciah – N/A Max Kim – Previously participated in Drop The Bit. Street Baby – Previously participated in season 9 under his real name Lee Gi-wook. Formerly known as xscapeway or XS. J4 Prada – Independent rookie rapper.

Team Lil Boi x GroovyRoom (also known as Grillz) Blase – Previously participated in seasons 7, 8, 9 and 10. Roh Yun-ha – Signed under Mine Field. Previously participated in High School Rapper 4 (1st runner up) and Drop The Bit (Winner). Chillin Homie – Signed under Mine Field. Member of NFL crew. Previously participated in seasons 7, 8 and 9. Fleeky Bang – Signed under Yellin Records. Polodared – Previously participated in season 10 under his real name Choi Sang-hyun, and Drop The Bit. Kitsyojii – Signed under LBNC. Previously participated in seasons 8, 9 and 10. YLN Foreign – Signed under Uncutpoint. Previously participated in High School Rapper 4 and Drop The Bit. Goneisback – N/A Digital Dav – Korean-American rapper. Signed under Xyber Studios. Lee Jun-seo – N/A Cho Terry – Previously participated in season 10. Also known as Shyboiitobii.

Rounds Round One: Rapper Selection Round For the Korea audition, this season marked the return of the stadium auditions, where contestants will register at the venue and take part in Round One on the same day. As a safety precaution from the COVID-19 pandemic, the contestants will be divided into small groups, with each contestant socially distanced from one another, and have a plexiglass placed between him/her and the assigned producer. Each contestant will perform a short a cappella rap in front of the producer. The producer then provide an in-depth evaluation of the contestant, and determine if they advanced to the next round. Similar to the previous two seasons, the contestant will grab the chain at the corner of the plexiglass if he/she passes the round.

A total of 108 contestants, including 5 from the Los Angeles audition, moved on to Round Two.

Contestants from the Rapper Selection Round Producer judgePassed selection roundFailed selection roundLil BoiChillin Homie, Takewon, Cho Terry, Cho Eun-gi, Won Dong-haJ1no, Woo Hee-won, Veni, Poy, Ji ChanelPark Gyu-jeong (GroovyRoom)Goneisback, Polodared—Lee Hwi-min (GroovyRoom)Fleeky Bang, Kim Nongmill, Steepy, Moon Kang-binPullik, K$AP Rama, Poison Mushroom, Park Jae-woo, Green Jay ParkLee Young-ji, Choi Jin-hyuk, Hoongyo, Lee Chan-hee, Justin ParkThunder, JDGSlomKim Min-seokChaitThe QuiettRoh Yun-ha, Blase, QMRapper Sunken, Heroincity, LeedacityLeellamarzDamini, Sleepy, NSW Yoon, Kim Seung-min, Yanu, Kim Do-yoon, Woolenciah, Vekoel, Kim Jae-wookDdotty, D.Action, Tangtheawesome, Lil Hodong, Yooryeong, James An, Kim DanJusthisPark Myung-hoon, J'Kyun, Don Malik, Lil 9ap, Sikboy, Digital Dav, RolldiceSkyminhyuk, ODD Comedy, Jeon Hyun-jae, Takuwa, Ksmartboi, Shin Jung-minR. TeeHuh, IndEgo Aid, Unofficialboyy, KitsyojiiLee Su-jeong, Jiho Givenchy, Bruno Champman, D1PX0NKh, YunB, Son Simba, Ja Mezz, Brown TiggerOther ContestantsLos, Mckdaddy, Yonge Jaundice, Youngboy Shui, Toigo, Shin Jae-hyuk, Ray Hill, Lee Jun-seo, Crucial Star, Xinsayne, Unofficialboyy, Neuns, Street Baby, Eric Young, Jambino, Khan, YLN Foreign, Kim Do-yoon, Jo Chae-hyun, Lee Seul-yi, Lee Seo-jin, Song Jin-woo, Max KimNiihard, Mc Rap, Greengrim, Mac Kidd, Cherry Boy 17, Yumewanaii, You Da-yeon, Cho Yong-han, Kim Min-jae, Noahjooda, Boo Hyun-seok, Na Sang-wook, Walovaycay, Nam Joon-hyuk, Bustabomb, Doctor Baek, Choi Gogi, IanBTC

Round Two: 60-second Team Rapper Casting This round would be done in two parts. For the first part, the 108 contestants who moved on from Round One will each have to do a one minute rap in front of all judges. If all four producer teams failed the contestant, the beat stops and the contestant is eliminated from the show. Contestants who received at least one pass can proceed for Team Casting, where he/she chooses one of the team(s) that had passed him/her. However, during the Team Casting, the producer teams can eliminate contestants, such that each producer team would have only 11 contestants. After this round, 44 contestants moved on to Round Three, with 11 contestants in each producer team.

Contestants at the 60-Second Beat Rap