well, it's not exactly a tournament, but there's always encorporating a ladder, where you can challenge up.
Basically everybody gets a spot (randomly determined at first, or a tournament could determine most of the order) from 1 to however many players we have.
Each person can challenge the next person or two up the ladder (or 3 or 4 depending on how big it gets). At whichpoint the two must work out a time to challenge eachother. If the challenger (the lower guy) loses, nothing changes. If the challenger wins, he takes the champion's spot, and the cahmpion (and anybody between them) slides down the ladder.
New entries would of course be given the lowest rung.
this sounds pretty cool.