That was mostly just to get attention. This IS a PVP question, but not directly about PVP.
1) Would anyone be interested and 2) Would it be allowed:
A player-hosted PVP tournament with prizes. I haven't worked out the details, but I've run events like this in other games (Infantry Online, Guild Wars, Neverwinter Nights) that I've played. It would be a series of PVP fights in a bracket style fight most likely. Rules will be developed later. Most likely it would greatly resemble the PVP section of ToH, only instead of getting ToH prizes at the end of a long single event, you would get either items or cash (determined later) at the end of a long series of small events (not all done on the same day, so more people can participate).
I would be willing to host/organize this. There would be an entry fee (to supply prizes, and I might take a small cut off the top if I can since it will take extra effort to organize this whole thing), but I would not enter. The prizes would be determined by the number of participants. If this is a popular idea, I might start supplying real rares when I have them.
I'm not sure of all the details yet, and I want to know if there is interest and if it is allowed before I follow through on this. Feedback would be appreciated.