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The Farmers Insurance Group float participates in the 127th Tournament of Roses Parade presented by Honda, Jan. 1, 2016 in Pasadena, California. Alberto E. Rodriguez/Getty Images

The 128th installment of the annual Tournament of Roses Parade is scheduled to take place in Pasadena, California, just hours ahead of the college football Rose Bowl matchup between the No. 9 ranked University of Southern California Trojans and the No. 5 Penn State University Nittany Lions on Monday afternoon.

The 128th installment of the annual Tournament of Roses Parade is scheduled to take place in Pasadena, California, just hours ahead of the college football Rose Bowl matchup between the No. 9 ranked University of Southern California Trojans and the No. 5 Penn State University Nittany Lions on Monday afternoon.

Keep reading to find out how to watch a live stream of the event for free.

The "festival of flowers, music and sports unequaled anywhere else in the world," as the parade's website describes itself, is typically held on New Year's Day. However, the parade's longstanding "Never on Sunday rule" is being applied this year because -- you guess it -- New Year's Day fell on a Sunday. The tradition, which began in 1893, specifically forbids the parade, and therefore the Rose Bowl game, from being held on a Sunday "to avoid frightening horses that would be hitched outside churches and thus interfering with worship services."

The theme of this year's parade is "Echoes of Success," and Olympians Greg Louganis, Janet Evans and Allyson Felix are set to serve as co-grand marshals on Monday. Dozens of floats are expected to be on display while 19 marching bands will also be a part of the parade festivities.

Hundreds of thousands of spectators are expected to be on hand to witness the pomp and circumstance that is the parades much anticipated floats. Photos and video of some of the more elaborate floats have begun to surface online in the hours ahead of the celebrated event.

Twenty "equestrian units" will also be featured in the parade, including "a wide variety of breeds including graceful Andalusians, striking Percherons, and elegant Saddlebreds," the event's website said.

As usual, dozens of streets will be closed, affecting traffic and parking for those intending to drive there. However, for those unable to attend in person but would still like to watch it, all the information you need for how to live stream the parade for free follows below.

Start Time: Monday, Jan. 2 at 11 a.m. EST/ 8 a.m. PST

TV Channels: NBC, ABC, Univision, Hallmark, HGTV, RFD TV

Live Streams: NBC, ABC