Limits: In general, the limit is "powerful street level" which includes up to Spider-Man and his villians. Carnage is a bit beyond them, so he is banned. But anything “below” Carnage is acceptable.
-Strength: Class 15 (Venom limit).
Speed: Enhanced Human (Spider-Man limit)
Durability: Below Luke Cage (i.e. Cage is banned, any below is ok) Black Panther is ok.
No magic (that includes anything…spells, items, etc.)
No telepathy or telekinesis (Psylocke is ok though, and non TK shields that don’t make the character ‘beyond Carnage’ are ok)
No phasing, illusions, invisibility, or flight
Energy Projection Limit: Upper limit Cyclops. Acceptable picks would include Gambit, Electro, Shocker, etc.
Healing Limit: Deadpool
Characters come equipped with “standard equipment” (I'm not knowledgable enough to know what each character's standard equipment is, but Bats will at least have a few batarangs and his "latcher" and whatever other standard stuff he normally has, Cap will have his shield, Daredevil will have his cane-weapon thingy, Wolverine will have a couple fanboys to use as a human shield, etc.)
Specific Banned Members: Longshot, Luke Cage, Havoc, Carnage, Omega Red, T-1000 Terminator, Multiple Man
Character Notes: Cyclops cannot take off his visor.
Other Notes: Characters do NOT have to be from comics. But you must still provide a credible link/bio for them and they must meet the criteria for the tournament. Also, characters will understand that they are in a death-match scenario. Thus, an argument of “Spider-Man never kills” is invalid.