Calcutta - is like an auction. Players bid for all teams or in golf players. For example Ok.St. bidding would start at $5 and go up until the highest bid stopped any further bidding, A long shot team might go for $1. (Lehigh or Alabama St). All money collected goes into the Calcutta pool. Then prizes are assigned to say the top four positions with around 60 percent going to the winner. Not easy to do on-line unless you use play money, with a limited bankroll awarded to each player to start with. It would be much more workable with the sweet 16, as almost every team has some sort of shot, which is not the case before the first round. You could also only auction the top 4 seeds in each region etc.
wil.
wil.