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That doesn't make much sense to me. I just add that it's a prize tournament? Who pays for the prize? You? Me? I don't see any mechanism for it to happen in either case. Please explain. I have sent you an e-mail a few hours ago, so you can reply there if you'd rather. This forum seems like a good place too. Maybe others have my questions too.
How do I supply the prize? Can I win it back, or modify the prize depending if I or someone else wins?
I've listed two tournaments. I shall see how it goes before trying more. Is there more to starting them than just creating them? Do I have to control things or players or make rulings during the play?
You can remove players before it starts, you have to start new rounds when first ones complete (you are informed when this happens). no rulings except the ones you state for entrance to tourny and about the prize in the tourny description.
normally prize is a membership, and the way it is done can be discussed with Fencer.
It will highlight the tourny title in the tourny list to show it offers a prize.
You should then say in the description for the tourny what the prize you offer will be.
(You can also offer money as a prize, it could be paid direct to the winner, as long as both you and the winner has a paypal account etc.)