Note: page moved to official wiki @ http://forgeofgods.wikia.com/wiki/Tournaments
Tournaments are where people can participate in PVP battles to earn rewards towards unique creatures. You can still gain points even if you used your 10 "rating" PVP battles, so use of chili is a wise tactic.
There are 5 leagues, after being in the top 10 (of 30) of your league, you move into the next one for greater rewards. However, if you are the bottom 10, you move down a league (unless you are already at the lowest).
Feb 13-18 2016 was the valentines tournament, collecting 1,000 tokens would get 3 chances at unique elite princesses grade 3-7.