As it stands, the top three prizes are:
Second Place: $200
Third Place:
-five HoN key-chains
-five HoN mouse pads
-five HoN t-shirts.
The matches will be played out in banning pick and a BO1 format (matches in post-season quarterfinals and on will be BO3). The league will have a flexible schedule based on one match per week for eight weeks. There will be two conferences within the league (North American and European). The top 16 through 32 teams will go on to fight it out in the post-season tournament and the top 32 teams will be entered into Season Two's Invite Division.
XP League boasts such features as elaborate team management tools, the standard match setup tools, and a smooth match reporting/disputing system.
Registration was open as of May 19th and closes May 31st (Week 1 starts immediately following the close of registration). Post-season starts on July 26th.
Links
HoN Forums - XPL Announcement
Xtreme Professional League - Registration