Thanks for the advice. The up front cost on this format is rough. I may have to scale it back, but not sure just yet. I'm working with some people that have gotten sponsorship before and learning more on how to ask for help. I really am getting a good bit of response on my idea, I even have an organization that I can use it as a fundraiser for, I'm not in this for monetary gain, I simply want to put on a tournament that people leave saying, "That was fun, I can't wait to do it again!"
As far as advertising I've thought of their name mentioned throughout the day of the event, and their logo and information printed on the back of the flier that I will make for the tournament.
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