Trying to figure out how to price entry for a small, first time local

[LukeTheSheppy]

And I'm looking to see if players would consider it fair.

Option 1:
$5 entry fee, any amount of events
Unlimited Pizza/Soda included
No prize pool, but medals or certificates for top 3, maybe new controller for winner
$2 cans of Monster
Entry fee waived for anyone bringing a set up.

Option 2:
$5 entry for each event
$0.75 cans of soda, pizza for $2 a slice
100% of entry goes towards top 3 prize pool
$2 cans of monster
One entry fee waived per set up, one meal ticket per entry fee waived

>Any entry fee waived will be paid by myself, to avoid shrinking the prize pool​

Meal ticket eligible for a piece of pizza and a can of soda

Would these be viable options?