Sanctioned, rated tournaments are divided into two types: Premier and non-Premier. Premier tournaments are run by Wizards of the Coast or select Tournament Organizers. They have unique names and features. Non-Premier tournaments are tournaments that are not explicitly Premier.
Premier tournaments currently include Magic: The Gathering World Championship, World Magic Cup, World Magic Cup Qualifiers, World Magic Cup Qualifier Trials, Pro Tour, Regional Pro Tour Qualifier, Preliminary Pro Tour Qualifier, Grand Prix, Grand Prix Trial, WPN Premium Tournament, and WPN Premium Qualifier. Non-Premier tournaments include any other sanctioned tournaments. Premier tournaments are listed on the Wizards of the Coast website. The MTR is a policy document for both Premier and non-Premier sanctioned tournaments.
There are two major tournament formats: Limited and Constructed. Each has rules specific to its format. In Limited tournaments, all product for play is provided during the tournament. In Constructed tournaments, players compete using decks prepared beforehand. Some Premier tournaments may consist of multiple formats within the same tournament.
Limited formats include any format in which a player constructs a deck during the event — e.g., draft, sealed deck, and mini masters. Constructed formats include any format in which a player constructs his or her deck before the event. The most popular constructed formats are Standard, Modern, and Legacy.