The World Series is the championship series of Major League Baseball and the culmination of the sport's postseason each October. The St. Louis Cardinals are the current (2006) World Series champions. The World Series is played between the winners of the American League and National League. The modern World Series has been an annual event since 1903, with the exceptions of 1904 and 1994. Baseball has employed various championship formulas since the 1860s. When the term "World Series" is used by itself, it is usually understood to refer to the "modern" World Series exclusively. The World Series championship is determined through a best-of-seven playoff. Best-of-seven has been the format of all the modern World Series except in 1903, 1919, 1920 and 1921 when the winner was determined through a best-of-nine playoff. The Series winner is awarded the World Series Trophy, as well as individual World Series rings. The New York Yankees have played in 39 of the 102 Series played through 2006, or 38% of all the Series, more than twice the number of the next best team. They have also won 26 World Series championships, more than any other franchise and more than the combined number of titles won by the next three most successful clubs. The St. Louis Cardinals have won ten championships, the most for any National League team. The Series takes place in mid-autumn, and as such, sportswriters many years ago dubbed the event the "Fall Classic".