Yeah...no. What you're doing here is trying to re-invent a bike.
Let's just get it straight: it's not a jackpot, it's a tournament. Jackpot goes into gambling category, and by definition gambling is games of chance for money. Tournament on the other hand is based on skill and competition, which is what you're suggesting here.
Now that this is out of the way, I didn't really intend to bring any points that you could argue against. I'm just letting you know that ideas of tourneys like that have been suggested and denied in the past.