The 2ST-1ST for 1st and 2nd places respectively is fine, but the random item is "too random" most of the time. There should be some sort of pool of items for 1st and 2nd places, so 1st place wouldn't get shitty ghost colour 50% of the time.

Also the idea of giving out TC is fine, but I think the fact that prize is somewhat randomised is what adds to the experience of a tourney. If you know that the prize is 2k TC for example, you might not be as motivated to compete.
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That's what you get for ST..