For draft events 1 pack per entry will be added to a prize pool.  The prize pool is then divided amongst the top four participants with more going to the higher places.  

For constructed events the total entry is divided amongst the top four participants with more going to the higher places.

Draft - In draft tournaments each player is randomly seated and given three boosters.  The players start by opening the first booster and picking a card.  The packs are then passed to the player sitting next to them.  The player now picks a card from the pack that was passed to them and repeats the process until all cards in all packs have been picked.  The players then construct decks using the cards they picked.  Decks must be a minimum of 40 cards.  We supply the land.

5-Color - This is a constructed format in which decks must be a minimum of 250 cards.  Also a minimum of 20 cards from each color must be used.  This format also has its own banned and restricted list which can be found at www.5-color.com

Banned and restricted lists for other Wizards sanctioned formats can be found here.

If you've played in any sanctioned events you can check your rating on the dci page.