New (optional) tournament scoring system

Idea: To be able to wager a specific number of points to enter a tournament. Positions within the tournament are then payed based on total points entered.
Details: For example lets say I want to form a singles tournament. I decide that all members joining should wager 50 points and it will be a 20 person tournament. This means 1000 points will be up for grabs total. I decide that 1st, 2nd, 3rd and 4th will receive points based on 40%, 30%, 20%, 10%. This means that 1st wins 400 points for a total gain of 350 and so on.
The specific number of points required,the prizes and the placing would all be determined by the tournament director.
I also propose a restriction on the percentage of your points to can wager for a tournament. This would be to stop newer players with low scores from entering 'advanced' tournaments. I think something like 5% is a good number.
Details: For example lets say I want to form a singles tournament. I decide that all members joining should wager 50 points and it will be a 20 person tournament. This means 1000 points will be up for grabs total. I decide that 1st, 2nd, 3rd and 4th will receive points based on 40%, 30%, 20%, 10%. This means that 1st wins 400 points for a total gain of 350 and so on.
The specific number of points required,the prizes and the placing would all be determined by the tournament director.
I also propose a restriction on the percentage of your points to can wager for a tournament. This would be to stop newer players with low scores from entering 'advanced' tournaments. I think something like 5% is a good number.