While technically the spiritual successor to the Quadruple Elimination Tournament, the Quintuple Elimination Tournament used an almost completely different set of rules. Each player started with 1 Character and 5 Lives, then battled opposing players at random. Upon losing, they would lose one Life and be allowed to add one additional character to their team until they had four characters. If a player failed to select a new character within a reasonable amount of time--24 hours by default, less if you hadn't posted in the topic for several days already--a Randomly Selected character would be provided for you..though you could replace the Random Character at any point once you returned). Upon being reduced to their final life, all of that player's characters would become "Enraged" gaining a 10% boost to Attack and Defence.
This tournament didn't attract very many participants, likely due to the extremely confusing rule set and the requirement that players show up every day to see if they needed to pick additional characters. The rules would later be simplified and combined with the Pointless Overpowered Tournament to create the Quadruple Elimination (Revision A) tournament.
This tournament marked the addition of "Exhibition" matches where players could request to see a participant fight a weakling with no AI before officially adding them to their team. While this feature wasn't widely used, it provided the inspiration for the "Example Videos" of everyone fighting against He-Man.
Due to a terrible glitch, one participant was kicked out of the tournament and replaced. Some teams had Random Characters added to them who were later replaced. These character are marked with an asterisk on the Entrant list to show that they were eventually switched out for other characters.
You can click the tournament name above to go to the complete Playlist, use the "Entrants" tab to see exactly who's in this thing, or use the "Matches" tab to seek out specific matches.