Beginning on December 1st, players on the PS4 will be able to compete in ladder tournaments to win prizes and clout. The ladder tournaments for the PS4 and PS5 can be entered via the Events page on the consoles.
Sony seems to be making it easy to use this feature, giving it a lot of attention on the home screen. New features are meaningless if you can't find them.
The ladder and overall ranking are separated by the region you are playing in, with ranking determined by total number of wins and placement in the ladder for a specific tournament. Depending on the time of year, the tournaments will include different games to include as many players as possible.
The Win-A-Thon will only support three games for its tournament, but contestants on the PS4 have a better selection of titles to compete in. The fine print for the games on the PS4 and PS5 can be found here.
The only requirement to compete is a console. You have nothing to lose since there is no cost to enter. If you want to get schooled, you still have a chance of winning some decent loot.
There is a chance for players to win prizes such as a dualsense edge wireless controller or pulse 3d wireless headset. The prize pool for players of the PS4 seems to be the main draw here. Premium in-game currency and digital not-NFTs are some of the runner-up prizes. The prize pool can vary depending on where you are in the world, but you can check the PS4 and PS5 leaderboards for more info.
It is not clear if we will see more events like this in the future. If you want to see how you stack up against better players, this is a good place to start.