The Coliseum!

[Salvaged Dusk]

If a tourney were to be made, considering that PvP isn't directly involved [yet], the tournament could designate the team cap to 5 participants, plus 1 Observer, who witnesses and provides reliable testimony that such-and-such results were met, through screen caps and logs. Just a thought. Perhaps they're the first to become dazed, and equip 0 rings... I don't know, thinking out loud... ._. Dunno if the tourney idea is even worth it. Haha.  

[Enigma Berry]

...This is completely unrelated but the spelling of "Coliseum" just bugs me.  

[Atrash the Squidmonger]

That definitely sounds like a cool idea. As for a prize, a dramatic artistic reinterpretation of their struggles could be attractive (either as a comic version, or just a couple drawings), with the observer serving the secondary role of recalling the scenes and such. Also, a small tournament fee and prize could work (skimming off a tiny bit perhaps for the judges, to go toward other programs to help zOMG, but with most of the money going to the prize). More of a token amount for most tournaments, but for popular ones it could be large.

Hmm, perhaps if it's a tiered tournament (with people first competing for who is better at easier tasks in phases, eliminating contestants until it's only a few for the biggest event [Impossible Coliseum Triathlon?]), the prizes could be cumulative. Say everyone pays 100 gold per team to get in (just for a simple arbitrary amount). They are then faced off against 4 other teams (again, arbitrary numbers) to move on to the next tier, where they will face the four winners of the other subtournaments (just a simple two part tournament. 16 teams fighting in groups of four. Winners move on to face each other for the big prize).
The winner of each subtournament group gets 200 gold - half of the 400 gold collected from their fees. The other 200 gold gets put toward the grand prize (so then 200 gold from each of the four subtournaments gets an overall prize of 800 gold).

Enigma Berry

...This is completely unrelated but the spelling of "Coliseum" just bugs me.

Well, it seems to be the more common usage around non-Amphitheatrum-Flavium Coliseum/Colosseum named buildings.  

[Salvaged Dusk]

After having played some of the Coliseum, there's only a vague way of actually structuring it for a tournament. The trials themselves are fairly easy for CL 10.0s, with even Extreme being only a 'fun' challenge -- it's not hard to overcome them. Impossible seems to be the only actual challenge, and from what I've heard, that hasn't been an obstacle, much, either.

Perhaps if they made 'endless' Survival, it might be easier -- you'd simply check each participants' badges before they enter the coliseum, and then again after for the amount of monsters slain.

Of course, powerups would be allowed. :]

And I like the idea of the prize also being a scene from their fight -- they each vote on an Animated to be shown with them.

[Off topic: It bothers me how they switch between the word 'monster' and 'Animated.']  

[K4M]

Already running a contest with the colisseum although I'm not sure how many participants there are but there's one team signed up so far =D
*points to siggy for link*