I do not know how to describe it. I myself am not such a good PVP player, but I am in the Mythic realm (1.25 - 1.5). Take a look at the last tournament (Astrix + Phrophet) in this area just 52 people have participated (we have only 52 players over 1.25 million strength?). If I look at the Elemental Wars now, everyone up to 100th place gets the same reward. So I’m doing 1 (!) Game … is enough for a place within the top 100. On the one hand, I am pleased about that so easy to get rewards on the other hand, I find it a little “unfairly” the lower classes opposite, who have to do much more effort to get rewards. … wait or is it a new “money strategy” from HH, if you want to have more rewards, level faster, which is well known only with money?
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Thank you for bringing this up. This has been bothering me as well, but I didn’t want to bring it up or else I’d look like a Debbie Downer. What the developers @Huginn @Muninn should consider doing is rank the top 20-25% by power level and put them in a bracket, then the next 20-25% in another bracket, etc… This will be much easier more fair across the board and evenly divided out.
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This is an interesting point of view but regardless this change to PVP has made it easier to get rewards for the many rather than difficult. The change was made most likely to gain the interest of newer players who probably joined an event saw their rank at 5000+ and decided it wasn’t worth it whereas now you can play 3 games to qualify and be in the top 200 meaning you have reason to play a few more games and try gett op 100 rewards. Be thankful you do not have to play much to get amazing rewards, it won’t last as more players get more power but for now, I’d keep it quiet and let yourself revel in more rewards 
Which formula is used by the divisions? I made some games for fun with my Baby Account (40k Strength - Beginners) and landed at # 4546 or so at the end. But what do I see at once, Division 4 (Top 15%), how can that be? I’ve talked to some players, they all end up in Division 4. I think the formulas used here are just copied division by division.
Each divison would have to be taken for itself and be calculated separately.
The exception here is the Mystic area where meanwhile, but still only 56 people participate. Of these 56 people, the top 15% would only be the first 8 players, even the top 25% would only be the first 14 players.