User blog comment:Ozuar/NA Tournament - Official Teams Posted, Schedule TBD/@comment-5654809-20140215074730/@comment-5544574-20140216075542

As far as it is concerned, this tournament can be submitted to Riot, whereupon they do not necessarily 'officiate' the tournament - instead, they offer prizes and rewards for winning teams such as special skins or RP.

However, there are several concerns here as well as obstructions: A link to the document where I sourced my information is below:
 * An officiated tournament requires a minimum of 8 participating teams, whereas we only have 4 currently.
 * Making the tournament 'official' will indeed draw traffic to both the site and the tournament. While of course more views are welcomed this might clog the tournament's roster and its purpose as well as hinder its organization.
 * While we may be accepted by Riot, the prizes aren't compulsory and no rewards may be handed out to the winning team and its members.

http://riot-web-static.s3.amazonaws.com/images/news/January_2014/TRB/Tournament%20Rules%20Beta.pdf

More can be found with the below link that goes to Riot's FAQ on Tournaments:

http://na.leagueoflegends.com/en/community/prized-events