A possible method for an in-game 1v1 tournament

With the introduction of the rotating game queue earlier this year, I thought it would be a great forum for creating more dynamic community events that offer small rewards to players. A good first step for that would be with a community-wide 1v1 tournament, which can be achieved if done as follows:

-Every participant must play 2 matches within a 48-hour period. If a player wins both matches, they proceed to the next round -Tournament runs for 2 weeks, for a total of seven 48-hour rounds -Players are prioritized to be matched against other players in the pool of undefeated participants. If none are available, they are matched against players of similar or higher MMR. This "non-tournament" player can receive a notification that it is a tournament match, and can be rewarded with 100 bonus IP (or something more) for a win to incentivise against throwing

The number of games would reduce a 10 million player pool down to just 600 winners over two weeks. If players spend 10rp to enter, it's a reasonably low cost to the player, and Riot would make bank. Prize could be a skin for each of the 600 winners (equivalent to over 160,000 rp per skin, so Riot could probably dish out a bit more than that).

I think this would be fun. It's relatively low cost, but would bring a lot of excitement to the player base.