If we have < 20 teams
Last unbeaten Team Wins $ 1,000
Second Place Wins $ 500
First Place wins the balance
Of course, once it gets down to 2 (or a few), remaining participants can split the pot any way they unanimously agree to (one objection from remaining participants, prize distributions will NOT be changed)
If we get to 20 participants, the payout will be
First place $ 7,500
Last unbeaten $ 1,000
2nd place $ 1,000 ($500 for < 20 entries)
3rd place $ 500 (no payout for < 20 entries)
If we have > 20 entries, the payouts will be the 20 team payout plus the additional funds allocated as follows
First place 75%
Last unbeaten 10%
2nd place 10%
3rd place 5%