Side Pocket Kid said:
Only problem is that losers will keep on buying in, and late risers would skip rounds like having bye's. If you do allow buy-back you have to limit it.
Not if you arrange it right:
Have the preliminary play in single-elimination groups of 8. If you win your group of 8, you go into the finals. If you finish second in your group of 8, you get your entry fee back. The seven losers in each group of 8 can buy back in to another preliminary group of 8.
You can either set a time limit on buy-backs or fill up a tournament chart. For example, if you limit total entries to 128, you will fill up a 16-player chart for the single-elimination finals. If you set the cut-off for buy-backs by time, and you don't fill a 16-player chart (for example), give byes to the first players who won their groups of 8. This puts a premium on showing up early.
I like the buy-back format much better than double elimination.
Of course, I said "groups of 8" as an example. It could be 4 or 16 depending on the situation. Similarly for the 16-player finals. If you only have 64 total entries, you should limit it to an 8-player finals.
I've seen one persistent player in this format enter 7 times at $20 a pop. Fortunately for him, he finished 4th in the finals and got $250 back.
Note that you can set the entry fee at about half of what it would be for a double-elimination tournament and you'll still end up with about the same total entry fees.