I'm feeling like shit is gonna go down, almost bringing the tourney to a halt before they get to the point of eliminating everyone. I can see maybe Universe 2 being eliminated, and maybe any of the others that haven't been mentioned as much, but I think this tournament will end prematurely before Universe 6 or Jiren's universe get eliminated.
There's a lot of theories out there as to what could happen, lots of them plausible in their own way. We got the High Priest being the "true" Omni-King theory, with this tourney either being a way for him to clean house, or an even more bizarre theory that has the High Priest being the big evil in hiding, and something with how the Omni-King loses power everytime a universe is erased (hence Omni King having the brain of a child) and this is his evil plan to eventually take over.
Then there's the much more plausible theory, involving Frieza watching/waiting for Goku to master Ultra Instinct (he even hinted at this in the last episode), because Frieza wants to master Ultra Instict himself to use against the entire Pantheon of Gods so Frieza can take over the entire multi-verse.
Probably none of them will come to light, but still interesting to theorize.