Even though I mostly play an energy account, I decided to investigate the new Mafia Wars Fight Club Tournaments.
The general gist of these tournaments are that you enter against other random opponents and fight in a bracket-style fight (single elimination) in order to see who the winner is. The winner then ends up with a collection piece, some $V, experience points, and Victory tokens (can be used to purchase items in the Marketplace under the "Fight Club" tab).
You can also bet $V on players (either yourself or others), which pay out odds based on their chance of winning.
However, it is a bit more complicated than that. On the next screen, you will see something like this:
So, apparently there are a ton of "weight classes", which are ranked below from easiest to hardest. At every "weight class" aside from heavyweight, there is a cap on your combined attack and defense (stat points) score and the number of members in your mafia.
Flyweight - capped at 10 attack and defense combined along with 5 maia members.
Bantamweight
Featherweight
Lightweight
Welterweight
Middleweight
Cruiserweight
Heavyweight - No Cap
However, in order to go to the higher brackets, you have to win in the previous rounds first! As far as I can tell, it is completely luck who wins in the early matches, given that everyone has at least 5 mafia and 10 attack/defense! That is the cap after all, so you can't go past that.
At any rate, within each weight class, there are three rankings: regional, national, and worlds. Each one seems to be more competitive (or at least you have a higher chance to lose). I'm not sure exactly how this works given the low cap (everyone should be at the cap in at least the first few matches).
I entered the regional championship and won. Here is what I got:
40 XP
10 "Fans" (determines your "Fame" and Rank - not sure what this does yet)
+5 Victory Tokens
+8,000 Tokens
I also bet the max on myself and won $V 300,000 back, which was pretty nice.
As far as Victory Tokens go, here is what the Fight Club screen reveals in the marketplace:
These items have some pretty good stats, but this is clearly very, very old. Who knows what the Marketplace will look like once they revamp this section (still has the old Top Mafia that appeared for a day or two!).
After winning at the regional level, the next match was nationals (still within the Flyweight bracket):
A little more expensive to enter. I lost in the first round. It seems to be completely random as far as your chance of winning goes.
In between each loss, you must wait for 4 hours before you can enter again (or spend 8 Reward points!).
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