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The 2023 Nicky Rackard Cup employs a round-robin system, contested within a single group of 6 county teams. At the completion of the round-robin, the top two teams proceed to contest the Nicky Rackard Cup final.
Aside from the trophy itself, the reward for victory in the cup is promotion to the 2024 Christy Ring Cup, with their place in the 2024 Nicky Rackard Cup taken by the bottom-placed team in that year's Christy Ring Cup.
The participating teams, listed by province, with numbers in parentheses indicating final positions in the 2023 National Hurling League before the championship were:
L White 1-2 (1-1f, 1’65) R McDermott 0-3, L McKinney 1-1, R Hilferty 1-0, J O’Loughlin, B McIntyre, R Campbell, D Cullen, G Gilmore (sl) and C McDermott 0-1 each