Tournament in the making . . .

[rmsroach]

Ok so I want to attempt planning and throwing a Tournament sometime. It'll be all around fighting, any style, any skill, any race, any equipment.
Now I've kinda done a rough draft of my idea's, but will appreciate any advice and any neccessary changes that need to be made. I'm unsure if this has been done before, but it prolly has in some form or another.

Duel it out Tournament :

• Entry fee of x___Gold per player, and goes toward total jackpot. Winner Receives % of jackpot, 2nd place gets % and 3rd place.
  Prizes include gold, arties, rares, PS, pinks, blues, and more TBA.
  1 on 1 dueling, fights are done one at a time or two at a time, for better timing and organization. [2on2, and larger teams will be held at another time if this tournament works out]
  Ringed arena or fighting zone, may not leave once entering unless forfeitting or yielding. Venue TBA.
  Rules and laws of the fight :
  Limited healing of 3 times [any method of heal], No poisoned weapons, no hiding, no stealthing, no stealing, no looting.
  No tamed pets, no mounts in arena.
  Yielding or mercy before death are accepted, but it's up to your opponent to follow through.
  Fighters will flag on a neutral target, so to avoid getting murder counters, etc
  All clothing, armor, weapons, spells, jewels, and talismans are permitted. [Except buffs like Reactive armor, magic refection, protection, weapon buff, etc are restricted. Players must de-buff before battle.]
  Winner in 1st receives Grand prize of _______, runner up in 2nd gets _____, runner up in 3rd receives ______.
  Winner of a fight moves onto next fight to duel the loser of that previous fight, and so on. To try and even out the battles....Once a player has lost twice they have lost and drop out of the tournament.

that's all i got so far. lemme know what ya think.