Say 50 participants, and they play say 10/15/20 tournaments, 1 a day/week/month. Then, by awarding points based on where they finished in the tournaments, a leaderboard is formed. Maybe the first two places are seats to a major event, and places 2-5 are just cash. I've played in a few live, and they are really fun, and imo would be more fun online.
i play in the winter weekend series111 on carbon its a free private league . the have 2 $150 freeroll almost evry weekend with teams and player scores . its pretty fun I got 1st in it last sunday for 45$ . its almost over though . they have overall prizes and stuff. I don't want to spam not sure of the rules on here but you can look it up on carbon under private tournys .