Ok here is how you can host your own tournament:
1. Make a new forum here
2. Have members come to your thread that want to join
3. Construct a bracket with the several usernames
4. Pick a date and time (if you want) and notify all the the users
5. Update the bracket within the thread.

Rules (the original rules from the site)
1. ALL ITEMS ARE OFF!

2. You can pick any stage BUT FLATZONE, HYRULE TEMPLE, BRIDGE OF ELDIN, ELECTROPLANKTON, BIG STAGES, MOVING STAGES, OR CHEAP STAGES.

3. It will always be stock with 4 lives