Hosting Upcoming Tournament: questions

Hey guys! A couple friends and I will be hosting a tournament with a prize pool sometime soon (free entry). It will be 5v5 random teams just like the old EvG tournaments if some remember it, all elos welcome to join. The prize won't be too big because we are just a couple of college students, but if we start to expand what do you guys think of a small entry fee and an increase in the prize pool? Would you guys still join with a small fee or will it discourage players from joining? Plz post your ideas below! All comments would be a great help :)