There are two types of champion event:
1 vs 1
6 vs 6
If you lose the fight you come off the tournament.There is just one round
Finals have 3 rounds

About 1 vs 1 :

We start with Class vs Class
Winner of each class is getting class champion title

Rewards :
Winner :
-Class Champion Title
-Personal Weapon+6 of your choice
2nd place :
-Personal Weapon+1 of your choice
All rest of participants :
-Blue treasure chest

Then we move for 1 vs 1 Server Champion :
-Rogue Champion vs Warrior Champion
-Priest Champion vs Mage Champion
-Final

Rewards :
Winner :
-Server Champion Title
-Juraid / Biffrost weapon +6 of your choice
2nd place :
-Juraid / Biffrost weapon +1 of your choice

What is "Champion Title" :
This is the title that give you promotion in next Champion Event you're moved to the Final without any fights.
You're the Champion and people have to break you down to win the rewards

About 6 vs 6 :

Rules :
-Your party need to have at least 3 people
-You have to be in one clan for the event time

Rewards :
Winner party :
-Best Server Party Title
-Juraid/Biffrost Weapons +6 of your choice
for everyone in the party
2nd place :
-Juraid/Biffrost Weapons +1 of your choice
for everyone in party