It's a Melee invitational for the best players around, with (now) the highest prize pool of any Melee tourney ever, where the 16 invited players basically all live together, with "4 days of friendlies, interviews, and fan interaction, unique gameplay challenges, plus special appearances, and much more". 10 were invited on skill:
Armada, Mango, Mew2King, PPMD, Plup, Lucky, Axe, Leffen, PewPewU, Westballz
And then there's an extensive voting process for the last 6 slots. Any MIOM top 100 player (or high ranking on Smashboards) could apply for the process, and then votes narrow down the entrants to top 20. What's currently going on is the elimination voting phase to narrow the top 20 into 6 invitees, and there's a lot of drama going on about popularity, sellouts, player skill, "deserving it", etc. It's gotten down to the point where instead of just eliminating the bottom voted players, they're inviting the top 2 and eliminating the bottom 2 (12 down to 8, going to do the same to 4 and 0), and there's a small outrage about Alex19 being voted in (largely thanks to Mang0 telling all of his fans to vote for him) this round while Ice got eliminated. There's also more drama about Melee Hell, but in the interest of not helping them be relevant more than the jokes they are, it was basically Kage and Melee Hell vs HugS and the people opposed to them. Kage got voted in this round alongside Alex19.
The current remaining field is, in order by votes:
Druggedfox, S2J, Swedish Delight, SFAT, Ken, Zhu, Tekk, Shroomed
The website details are here:
https://smash.gg/tournament/smash-summit/details
Also I voted for Wizzrobe but rip in pepperonis.