In 2015, Phelps swam the fastest 100m and 200m butterfly times in the world since 2009 and the fastest 200m individual medley since 2012.
Ledecky was the star of the 2015 World Championships, winning five gold medals.
Franklin, coming off two years of NCAA competition and returning from an August 2014 back injury, also earned five medals at Worlds, including a silver and a bronze in individual events.
Lochte won his fourth straight World title in the 200m individual medley using a turn off the last wall that has since been outlawed by FINA.
On Saturday, Phelps is slated to race the 200m freestyle and Lochte the grueling 400m individual medley.
But the marquee event is the women’s 200m free, which will include the last two World champions in Franklin and Ledecky and Sweden’s Sarah Sjöström, fastest in the world in the event last year.
WATCH LIVE: Arena Pro Swim Series at Austin — 7 p.m. ET
NBC Sports Live Extra will also have coverage Sunday at 7 p.m. ET for the final night of competition.