As always, friends are welcome (ie those you're willing to vouch for by covering their entry fee), but don't spread it to strangers...
It's pretty simple: pick the results of every game (ie fill out a bracket) with the teams you think will win. Points per correct pick increase with each round: 1-2-3-4-6-8. Pick the total (combined) score of the finals game as a tiebreaker (e.g., if you think the champion will beat the runner-up 79-76, then you would choose 155 as your tiebreaker).
Entry fee is 20 bucks (see payment info). All $$ in goes back out. The prize structure will be finalized once we know how many entries there are; approximately 3-5% of the entries will get prizes. For example if there are 60 entries, first/second/third will get 65%/15%/8% (the final 12% goes to the top Rd 1 and Rd 2 performers, as outlined below). In 2002, there were 101 entries, and the prize breakdown was 1131/364/182/121 for 1st through 4th, and the bonus round winners each got 111. Oh yeah, and of course multiple entries are fine.
Bonus Rounds: there will be a prize (~6% of the pot) given out to whomever picks the most correct in round 1, and another ~6% to whomever gets the most correct in round 2 (rd 2 only, not combined with round 1). The tiebreak for those mini-prizes will be the sum of the seeds of the correct picks in that round (so picking "upsets" will help win the tiebreak). Secondary tiebreaks for round 2 is most correct in rd 1, then sum of seeds of correct rd 1 picks.