Registering for the tournament, which costs $20 or €15, will grant players access to the tournament realms where they can create Level 80 characters of any race and class. These characters will be outfitted with the best Arena gear available -- Deadly Gladiator items from Season 5 -- and will have access to other epic items as well as enchants, gems, and glyphs allowing them to customize their character as they see fit.
Players whose teams finish in the Top 1000 at the end of the qualifiers will receive the Vanquisher title for all their characters over Level 70. Casual players who don't play Arenas seriously still have some incentive as the only requirement to obtain the Murloc pet -- Murkimus the Gladiator, according to the Patch 3.1 files -- is to play 200 games over the six-week qualifying period with one team regardless of record. [UPDATE: According to this post, the first two weeks are considered a practice period and thus do not count towards the 200 ranked games required to qualify for the pet.] Players must have an active subscription in order to register.