I believe there should be an epic tournament reward chest like the war chest that points are earned to unlock. For tournament participation the points would vary for the different percent tiers, like 10 points for placing in the top 5%, so on and so forth. And the chest would be unlocked for acquiring 50 points or whatever, but it would be like the war chests with extra chances for the higher tier material. So it could be like alliance wars, the tournament loot is like your victory or defeat loot in war but you are always building towards a bigger reward chest. Just an idea.