ok, you've got it....
The Fight Night Round 3 Knockout Tournament has just opened!
Visit
PS3 Leaderboard
Login
Click 'Join an Event'
Select 'Fight Night 1x1 Knockout US/CN'
If you have already previously created a Team on the site then you will be placed into the List of Entrants.
Otherwise you will be prompted to Create a Team in which case you should just follow the intructions.
Lastly, hit 'Tournaments' and SIGNUP to the Fight Night Tourney.
I will then add the players into the first round on a strict first come, first serveed basis.