What would your ideal tournament structure look like?

https://forums.galaxy-of-heroes.starwars.ea.com/discussion/93104/why-discontinue-tournaments#latest

With this post from CG_TopHat, we see that they had two objectives which led to the current tournament structure:

1. We wanted our players to feel rewarded for being strategic and for the effort they’d put into their rosters.

2. We wanted players to have an experience of “heroic” struggle; that you would engage in pitched PVP combat and that experience would be enjoyable as you swapped ranks and vied for dominance.

Keeping this in mind, how would you completely revamp the tournament system (structure, duration, cost, prizes) to meet those objectives and have it be a fun experience for the player base?