The problem in my opinion with a tournament like that is, that the players are going to be more or less the same, which might make it boring. If you start this now, Random00 is going to be there in every one of them, there is no way he wouldn't be because of his performance in the past.
The real race would go for the lower ranks, but that still doesn't involve more than 4-5 people I think. And one more thing, Random00 could comfortably sit back and enjoy life in Malibu, while you guys work your asses off to get an invitation to this tournament, you play 500 games in 3 months, he could play 0 games, and still he is there. So this idea like that is a bit inflicted.
Not saying it's a bad idea, I'm saying it's a bad idea like that, otherwise, would be good to do something that motivates people to get better, not just to play games.