This is more an addendum to Prawney's idea, but when we get this rolling, I think it would be cool for the field to have odds - You could weigh the formula using the ITM% and player rater and allow people to bet on the tournament winner. Also, the odds could adjust throughout so that if you wanted to bet on a winner in the 3rd round you could (you'd get worse odds than if you bet them at the beginning).

I'm writing this in the dark so it probably doesn't make any sense.