DON'T sign me up.
I'm just posting here for a quick thought about the length of the event ^^
For a W 3 - 0 L match, W gains 1 Life, L loses 5
For a W 3 - 1 L match, W loses 1 Life, L loses 3
For a W 3 - 2 L match, W loses 2 Life, L loses 3
So each match would decrease the total number of lives by 4 (or 5). There are 12*N lives at the beginning, and N/2 matchups by round, so the event would last... 6 rounds maximum.
... that's it.
Thanks for your attention...EDIT : But, when I think about it I'm wrong, there won't be N/2 matches each round because of the elimination of some players during previous round... So it may last some more time.