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MORE screenshots can be seen at the SUPER STREET FIGHTER 4 TOURNAMENT MODE DLC SCREENSHOT GALLERY

Super Street Fighter 4 will get a new online tournament mode as downloadable content that has a host of great features. The mode will not ship with the game on April 27th. It will be available to download on June 15th.

• Online hosted tournaments can be launched from anybody's copy of the game.  If you wish, you can even decide to host a tournament on one console and not participate yourself. 
• All of the tournaments are single elimination.  This means one loss and you're out.  Capcom's Seth Killian says that they decided not to include more complex tournament types such as double elimination in order to cut down on potential confusion.
• Players not fighting can watch fights in progress (awesome)
• Like the tournament mode in Super Street Fighter 2 HD Remix, the bracket will update automatically with the results of matches as they are completed. Only this time, as the previous point above states, you can watch a match while you wait for your next one instead of staring at the bracket until its your turn.
• The host can edit tournament details including setting private slots and moving slots around to control who fights in the first round
• The mode supports 4 or 8 player tournaments
• replays from the tournament can be saved on the fly
• Capcom also plans to support the new tournament mode with Capcom tournaments, and winner of Capcom tournaments will get a special in-game digital trophy called the "Sign of the Warrior".  Capcom is also working with other media outlets to create other special trophies. (wouldn't an IplayWinner trophy be amazing??  Common Capcom!!)

Source: Capcom