Rewards would be the same as always. The reason for this proposed format over a double elimination style format, is that the results of this format provides a clear reranking. Each team can lose at most 1 rank, yet the 16th team could theoretically move to 1st.
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Computing the probability that at least one of the following events will occur:
P(a or b ... or z) = 1  P(!a and !b ... and !z)
Probability
