First time trying it today, won and got my heirloom. I'm pretty sure a couple beat me, but I didnt hear "it's over" or anything. Saw people turn in after me and he'd say tourney was over after each one, so I think that's the one winner per server kind of thing.
I just was on the north west beach of STV, worked my way up to that whirlpool thing had like 6 schools and as people moved in on me, I followed stream up to lake in north strangle to finish it out. Hearthed to booty bay and turned in.