It is an in-game tournament, you can enter the event at any point in time, at least up to 2 weeks before it ends. It won't be a knockout system. The prizes are 320k+ depending on how many people enter. There will be no item as of now due to the fact that the item forgers won't support it, which is no problem at all since it was going to be an un-tradable item. There will be a smod on board to update threads/website when the summerbash hosters can't.
That's all I can release for now. Enjoy. One more thing... The most prizes given out is 600k...