Here are my ideas for a pvp tournament.
The tourney winner has their name and title changed from blue (or red) to gold for a set time. Of course everyone can see your name and title

and
There would be template specific divisions, mage, warrior, tamer, freestyle/open, and maybe 2v2 as well.
Divisions (disclaimer: I'm terrible at thinking up good titles)
Mage - no weapons, spellbook in hand at all times, - title and name in gold "Legendary Mage"
Tamer - one pet, one mount - if either pet or combatant dies its over - title and name in gold "Dragon Master"
Warrior - no magery - any weapon or combination of weapon and shield - title and name in gold "Warlord"
Freestyle/Open - any skill and style permissible - title and name in gold "Grand Champion"
team - 2 v 2 freestyle pvp - title and name in gold "Group Champion"
The winner is still treated like a blue. No special benefits other than the look and status.
The unique name and title is held for 1 month and must defended to keep.
The tourney is held once a month at set time, champs must defend or vacate title.
Winner also receives a sash or half apron with chars name - can only be worn by that char.
Reds can win and they won't be murderers "gold title" while champ.
If the char becomes red or if a red murders while champ the title is vacated.
Each char provides any armor/weaps/rings, organizer to provide pots, regs, and bandaids.
A preset number of pots, regs, and/or bandaids will be given to the player at the beginning of the fight, with the exception of open/freestyle division.
So what do you think?