Plus I would suggest that if the prize is something from the store or a membership, you should get that paid for BEFORE the tournament starts, that way if the tournament takes a long time, the winner (and Fencer) does not have to worry about the creator still being around to be able to pay the prize.

*shamless plug alert*

Take for example my current Battleboats Plus Prize Tournament which already has over 35 players signed up, and more signing up every day - all for a membership prize which Fencer already has. So if I get hit by a bus tomorrow, the prize will still be there for the winner!