There have been here is what Akira and I have so far and what we have worked out. Still very rough however some input would be awesome. I was hoping to present a more finished copy to you guys but now I see there is no point since I am really looking for feedback haha! 

 Our villain and host is known as The Khan, I am thinking a Pagan Min type villain however I am not set in stone on that idea! Either way I want him to be flashy but very cruel. Kind of like the Joker almost in personality but not as loony. His palace would be filled with tons of holographic duel monsters roaming around running the place basically. Such as he would have pet amazoness tigers, Karibous leading people to their suites, etc. 

Also the motive for the tournament we were thinking 5 new/powerful cards and that  Maybe the tournament is a ritual? Every thousands of years the controller of the 5 most powerful monsters in the world must host a tournament to see who is the master of which? Once he gets to top 5 he will transport everybody to the shadow realm and the creatures choose their master. Then whoever defeats the Khan who is the keeper of the 5 monsters known as the (insert cool name like Titans or Guardians or something here) becomes the next all powerful Khan who is basically unstoppable until overthrown which throughout history has only occurred at the tournament.