At this very moment, a FFA tournament organised by Appolyon is taking place. The first round is already finished and was apparently won by Jackal (not 100% sure about that though, I was too busy making sure noone got too near to my spot).
There should be 4 rounds of 16 players this evening, and the finals directly after, but check the NEU division page for more details. Or stop by on Quakenet IRC in #smackdown.