Tournament event formats vary and will change occasionally. Typically you must beat the score of a THNDR guest. This could be distance, speed, score, etc.
The prize pools may change between tournaments, but will be announced before the tournament. The prize format usually follows the first three places winning a pre-defined fixed amount. The rest of the players may also win sats, but the prizes are awarded randomly in a lottery. A list of all users winnings is published after the tournament.