Quoted from Kelinath, edited by Maybelle:
This event is simply called 'The Tournament'.
The Tournament is an event for our Guild, in which two or more duels take place. The winners of that duel proceed to fight each other, until there is only one left, the champion. The champion will represent the Guild's strength, and will fight the winner every tournament that takes place. If the champion loses to the opponent, the opponent will be the new champion. So far this is all we have worked out...
Look forward to it, its coming soon!