As promised, here is my reply to the “new WSOP� thread with my comments and suggested format. Please take the time to read it and I’ll be happy to answer any questions. Please do the same to any others that have posted their suggestions and format ideas.
First, there are a few of you who have referred to this WSOP tourney as my baby. I don’t take credit for it as being “my baby�. I simply had the idea from talking to a friend on the East Coast who is doing it there with his poker group and suggested that we should look at doing it as well. The format I suggest is based mostly on what they are doing which has proven to work for them, as they are already at 5K or so, so I figure play off that and not try to reinvent the wheel.
My idea and suggestion of running a series of satellite tourneys that would go toward a WSOP entry fee are is the following format. This is what I think would work the best and provide the best action, competition and excitement to the group. There are going to be those who have a stronger interest in playing these tourneys, and going on to the final stages and those who are not interested in the end of the road being, playing in Vegas as the show. I believe this format caters to each of them.
There are a couple of decisions that would need to be made, as there is recent talk of this being a $5K purse versus the 10K WSOP entry fee for the main event. This means that we would need to run anywhere from 10 to 25 events, depending on the interest and participation of the group, friends, family, etc.
FOR THIS EXAMPLE: I’ll take the base number of 10 events, which in this scenario will get us to a $5K prize based on 11 games. Each of the 10 games will be a satellite to the final game, which is where the tourney champ is decided.
Satellite Tourney Structure:
The buy-in would be $40.00.
All tourneys will be rebuy and add on friendly.
(you can rebuy and or add on in the first 3 rounds of play)
When the prize pool reaches $500 in entries, then the tourney is officially a WSOP event.
Therefore, there would need to be at least 13 people for a tourney to count towards the WSOP pool.
Any additional entries over 13 ($500.00) would be used to pay 2nd and 3rd place of that game.
1st place of the tourney would be awarded a custom BYOC Tourney Chip. The chip value is $500.00.
When the tourneys issue enough chips where the WSOP pool (or fund) reaches its goal, each person with a chip has their buy in to the final event paid for. (so in essence the final table is a $500.00 buy in) One shot takes all.
A player can play in multiple satellite events and win multiple events and effectively have multiple chips for the final table. There will be a limit of “x� chips that one person can win in each satellite. (something such as 3)
The buy in of the final table is $500 which is equal to one BYOC chip.
Rebuys would be $500 or Addons would be $500 which is equal to one BYOC chip.
So in theory, a player with 2 satellite wins would have two chips which s/he could use for their buy in and a rebuy. Or, he could sell the chip to someone else for $500. (or less, or more for that matter)
The math works out as such:
At a minimum, with 15 players / buyins, the payout would be:
1st = $500 chip to the final table
2nd = 60% of remaining cash ($60.00)
3rd = 40% of remaining cash ($40.00)
If there were 10 people on the satellite and there were 5 rebuys or addons then this would be considered 15 buy ins to the satellite. So, 10 players = $400, plus the rebuys, $200 = $600 prize pool.
The next satellite would run and we would do the same thing.
Let’s say we have 18 players.
1st = $500 chip to the final table
2nd = 60% of the remaining $270 from entries
3rd = 40% of the remaining $270 from entries
This would then put $1,000 in the WSOP fund.
Repeat satellite,
Game 3, $1500 in WSOP fund.
Game 4, $2000
Game 5, $2500
Game 6, $3000
Game 7, $3500
Game 8, $4000
Game 9, $4500
Game 10, $5000
In this model, there would be 10 chips issued. We could do more, we could so less. I would like to see 25 or 30 people at the final event. The final table would then (in the above scenario) be 10 players. Each with their chip as the entry. This tourney would be to award the WSOP fund to the winner of the final table.
With this model, we could do different numbers, which I put an excel sheet together that shows each game, the entry fee, the WSOP prize fund, the cash awards, etc. with the number of games needed to build a final number. (see more below)
After we hit $5,000 in WSOP funds and chips issued (basically 10 final table BYOC chips issued, 10 x $500 = $5,000), we'll have a final satellite playoff for anyone holding chips. I believe it would be fair for those that wanted a piece of the tourney that didn’t win a chip in a satellite could pony up $500 for the buy-in. Chip winners with multiple chips could use them for re-buys or add-on’s. And or, you could use your chip for the entry and cash for the rebuy, or likewise, a player could buy his way on to the final table with cash and use his / her chip as a re-buy or an add-on.
Depending on how the numbers were structured, I think it would be best to see that we have 25 to 30 chips issued for the final event. With that in mind, it may be worth exploring the idea that if a prize pool for a satellite exceeds $1,000 then two chips are issued to 1st and 2nd place, and the remaining is 3rd and 4th cash payouts. (more on this later)
The winner of the final event gets the $5,000 (or what ever it is) first prize which would be his / her entry paid for to the / a WSOP event which is in June. Any extra cash gets distributed to 2nd, 3rd, 4th 5, 6. etc. accordingly. OR, could be used to send others to the show, ie: 2nd and 3rd of the tourney get round trip air fare and hotel to Vegas. (should there be more in the WSOP Fund)
At this point, we have 10 months until the final WSOP event. That’s roughly 40 weekends to hold qualifiers and build the WSOP fund. I would propose that the money be in a safe location (such as a bank) and that we have a fool proof chip (to prevent forgery) and the statistics of players are tracked on the web site so everyone knows the schedule, who has vouchers, game standings, etc. I would plan to have custom BYOC chips made for this, and that they are tracked of who has which chips and or sold their chips to others.
Why I like it:
This takes advantage of several different facets of the playing strategy. A person who is in it for the money and not the WSOP seat could win the tourney and sell his / her chip for the cash value. A skilled player could enter once, win one chip and take it all, and a player that employs a more lose aggressive style could play multiple tourneys and have multiple chips on the final table for his entry, rebuy, or add on. Likewise with the skilled player, he could enter 3 events, win 3 chips and have his buy in, rebuy and possibly an add on paid for at the final table.
It’s Flexible to the players and games:
The other advantage about this is that the number can change in any direction, such that the satellite tourney could be a $25.00 buy in and the WSOP fund could be $250 per game that rolls over to the next week / game / towards the final event. This is illustrated in the excel sheet that I put together and posted, which you can view and see what different numbers produce. The sheet is located at
http://www.byocpoker.com/wsop2005/WSOPCharts.htm You can play with the numbers and see what the different results are. For example we could do a bunch of $25 dollar events all the way up to (if there is the interest and the people with the bank roll) up to only a few $250 events.
Additionally, it doesn’t require a commitment from 20 players every weekend, every time. The idea of allowing and offering rebuys and add ons is to build the prize pool bigger and faster and create more excitement in the game. It also gives more people an opportunity to get closer to the final prize of 5 or 10K what ever it may be. (as reference) the tourney I held at my place was 18 people which produced 28 buyins for the cash prizes. I know there were a few others that would have rebought had they been able to, versus the add on option that we did.
I know some people don’t like the rebuy and add on style games, but the bottom line is that they create bigger prize pools, and create more action in the tourney.
I don’t think I would vote to limit someone having to have played in “3 BYOC games� to be able to play the tourney. That simply cuts off the hand that feeds us. Look at Tom and several others that have just started playing with us in our group. Suppose Tom has a friend that likes to play poker. When we say “no� to him on this tourney, we are also sending the message that “no, this is an exclusive club� which it is not. We are a group of people that like to play poker, respect each other, the game, house rules, and you are more than welcome to join any of our games and enjoy the fun we have. I for example know of a hand full of people that don’t play with us on a regular basis, but would love to catch one (or a couple) of these tourneys. I think we can all say close to the same thing.
Last:
This is not my baby. It was an idea that I threw out to the group. What ever the group decides, what ever format, points, chips, buy in, fund amounts, rebuys, freeze outs, etc, is the group decision. I am willing to manage the above scenario which I have most of the details and groundwork complete. One thing I would have left to do would be to publish the tourney rule book which would show all the numbers, games, etc. etc. If there is a collective vote for a different format or structure, then round everybody up and get the cards in the air.
Rather than starting another mile long thread, send me an email and I’ll answer your question in email. If it warrants a posting to this thread, I’ll edit this thread with questions and answers section, versus a run on thread that is littered with reply after reply.
EDIT 1:
The winner would not be able to take the WSOP fund and run. The bank where the booty was being held would write a cashiers check to "Harras Binion" and be given to the player to take with him. (or the money would be wired to the Binion with his / her name on it to use as entry fee';s when they arrived in Vegas). This would ensure that they WSOP fund is used where it was intended for)
Edit 2:
If the final goal (of what ever amount, be it $5K or $10K) wasn't reached, then each person who held a chip would get a vote as to what to do with the fund at that point. i.e.; Split it equally, toureny it to a winner for a different event (WPT, etc), tourney it off to 1st, 2nd, 3rd, etc. Those who held chips to the fund would vote on what to do, should the goal not be reached.
