It's split into Amateur and Professional leagues.
The Amateur league first play a preliminary round--with the roster is broken into two divisions--and the best four players will be placed in a 4 seeded bracket. It runs on a best of three basis.
The Professional league do not play any preliminaries.
The Amateur league's final four and the Round of Eight of the Professional league will be broadcasted LIVE on August 27 over Mikelat's Justin.tv channel.
Prize pool is:
Professional:
First Place: $$$ And a Copy of Deus Ex: Human Revolution Augmented Edition on Steam
Second Place: $$ + Twenty Dollars
Third Place: $ And a Copy of the Original Deus Ex GOTY
Amateur:
First Place: A Copy of Deus Ex: Human Revolution
Second Place: Twenty Dollars
Be sure to tune in August 27!
P.S.: I'm participating the the Amateur League.
EDIT 1: Prize Pool Update
