There is one Medallion tournament per month and signups occur the first of every month. Any team that is either not in the off-season or has been in the off-season for less than 51 consecutive days can join the Medallion as long as they have 12 forwards, 6 defensemen, and 2 goalies that are signed long enough to play the duration of the tournament (registration day + 7 tournament days = 8 days). Once a team joins the Medallion they can only leave on sign-up day.
Once registration day ends (at 12 AM server time), all the teams that joined the Medallion are grouped into tiers of 128 teams based on their Medallion power ranking. The Medallion power ranking is usually similar to a team's normal power ranking, however, discrepancies may occur since the Medallion does not factor injuries and the benching of players into its formula. For example, a team's normal power ranking would decrease if a higher-rated player was replaced with a lower-rated player, whereas the Medallion power ranking would not.
In each tier (with tier 1 being the best) teams are ranked from #1 to #128 (with #1 being the best) according to their Medallion power ranking. In round 1, team 1 plays team 128, team 2 plays team 127, and so on, with the higher ranked team getting home ice advantage. Once a team loses a game, they are out of the tournament. The proceeding rounds matchup the reamining teams based on the Medallion power rank, the same way matchups were determined in round 1.
The losers of round 6 play each other for the Bronze Medallion in round 7, while the winners of round 6 play each other fro the Gold Medallion in round 7. One player off the team that wins Gold is chosen as the Medallion MVP, and this award, like league a league player award, guarantees that player's induction into the Hall of Fame.
The purpose of the Medallion is to win a medal and improve your Medallion record. The highest round that a team won is displayed on that team's profile. Home teams also get fan increases (if they win) and credit gains from attendance. Medallion player and team stats are saved the same way league stats are.
Once the Medallion begins, all registered teams are restricted from making trades or releasing players until they are knocked out. Teams can, however, still sign players.