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Speaking for myself (a not very good Gothic Chess Player), I would not pay a fee to enter the tournament (Basicly because I stick at the game, and have no way of winning anything). But if it was with no entrance fee, I would probable join just for the very slim chance I might actually make some good moves. (And I believe many others feel the same way I do)
So the question would be if you would want a lot of players in your tournament (no entrance fee), or less players in your tournamanet (with entrance fee)
Or as mentioned once before, maybe the player will need to be a paying member of BrainKing to play in the tournament (which will get a few more players in your tournament, plus help out BrainKing)
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Prizes - If there were more prizes, that might also get more people to join. Lets say the entrance fee is $50, maybe some of the "lower" prizes could be cheaper "Gothic Chess" shirts, coffee mugs, etc... Even if a player can win something, it's a good thing (even if it is not worth the same as the cost to enter the tournament).