This sounds like an invitation for collusion. I figure you would only need about 15 unique accounts. In each SNG, you have two of the unique accounts dumping to the previously agreed upon winner. It wouldn’t be a lock, but at only $5+1, there’s not much financial risk either.
Six or seven players, each with a modicum of expertise and a couple of clean computers, would have a shot at pulling this off. That's a payoff of more than 2k per person. The only thing that would prevent this is I can’t think of anywhere a group of skilled active online players regularly congregate to share ideas both publicly and in private messages.
