Format was announced earlier this week on the Jeopardy Podcast:
10 hour long episodes, two games per hour. Everyone shows up in either the first or second game. The pod hosts say that we'll be seeing every possible player combination, which seems dubious, but one of the math experts can verify.
First and second place in each episode get points in the standings ala soccer or hockey (no specifics were given on what those amounts would be).
Top three in the standings at the end of the series get spots in the next Masters series, while the bottom three are relegated to the brand new Jeopardy Invitational. The newly-crowned ToC champion takes the fourth spot in the next Masters, while the other two Masters spots go to the top finishers in the Invitational.
Davies' sportification of Jeopardy is becoming a reality.