First of all, this competition looks pretty organised and clear - it's a nice idea to be able to give back towards the artists in monetary form as well as focus really well on emphasis on a single game score.
However, if you're expecting 50+ people taking part, I'd recommend that you simplify the bracket considerably - Mercenary Kings isn't really a popular game for artists to cover, or if it is, it definitely isn't as iconic as Sonic, Mega Man, Final Fantasy or Shovel Knight - 4 other games which similarly had bracket styled competitions from these.
So if there's any way you'd be able to revise your brackets for a potentially smaller turnout, you might be able to get a workable competition here. This is my tuppence on the whole thing *_*