For tournies, you might want to have a league set up so only people in the league can enter so they have to work their way up and commit to playing. That way you don't just have someone beast like LK or someone show up out of nowhere, auto win the money and leave every time. Nothing against LK, but if you want to motivate people who don't play as much to play, they have to feel like they have a realistic chance to win something, right? So then you might want to divide things up into several groups or leagues of people based on skill level.
Or just let anyone join, I dunno. Just trying to think what would make a prize most attractive.