The prize will be the pride of the best newcomer on SWF(at least, active enough to participate in this thread).
I am the tournament director by default; I will set up all the brackets(which once we have enough players, I can average in characters + skill level) - and give everyone a link to a chat room. Everyone will compete at the same time(or similar times) - and the players will report back who won - with a tiny gist of how the round played out. There are no disqualifications so long as the requirements of low items and 3 stocks is upheld(but obviously, no hacks). No time limits. No time outs - going to the next round is entirely up to the players in question. If we do not have 8 or 16 players(something in between), near the top if there are 3 or 5 people remaining we'll have to have "advantage" games where each player will play each other player winning two consecutive rounds in a row - the players with the most wins will move up to the next tier.
Pacific time, but that's really not important RIGHT NOW. Right now I need to get a general sense of who's participating, when they're generally free, so then I can set up the time and the brackets. It's still possible this will take place tonight but most likely everything will be ready tomarrow by 2:00 P.M. or 3:00 P.M. Pacific time(that seems to be good for a lot of people).
Thanks everyone who has joined the tournament!