In mid August, R5 Productions announce a torunament being held a few weeks after the game release. To learn more copy and paste the following url: http://royalfivepro.proboards.com:80/index.cgi?board=tandc&action=display&thread=942&page=1#1282133845
Unfortunately, the team based tourney for the PS3 edtion is over. The 360 side is almost closed. A new singles Tourney has been announce so far for the PS3 edition. for more information and rules regarding this tournament, visit the above link.