Should any more than 4 aces actually participate in this, you'll have to extend that timer to at least one hour, with extra time to spare if both participants agree, which will likely happen. That makes ~3 hours for a '2-out-of-3' rule of advancement. That's quite a lot of time investment there.

For a joke of a prize. I'd understand that since you're rather new here, you don't know this, but all Aces have been in this game for years. I don't think 1.3B is half of what I have on my ships, and I haven't logged in in about a month, and my trader hasn't done anything for at least three. So I doubt any of them is going to play for the cash, which leaves the title and, well, fame. Which isn't much either to an Ace.

And lastly, I haven't been playing lately as I've said, but nothing of you or your faction showed up on my skype. So I take it that you're not exactly a well-known-trusted-veteran player around here. So I doubt you/your faction have the voice to keep this event under control.