PvP Tournaments

I want more out of PvP and would love to run a tournament of some kind. Playing against human made teams is something I find really enjoyable but with the current online PvP implementation there is a lot to be desired.

My "vision" so far is to provide a method for players to sign-up, submit their team (growths, tactics, loadouts and all), and then once registration is closed, place teams into a bracket and stream the matches 1 by 1 until we have our champion.

So two questions for the larger community here... Does anything like this already exist and I am simply unaware? Is this something you would be interested in participating in? Any other ideas this brings to mind for you? Thanks in advance :)