OK, so, what's the basic idea here? I remember some of it, but I don't remember what the basic concept is, what happens to the losers of the fights etc.
Also, what do you mean by "powerlevels don't apply"? Whilst I agree that it's not as simple as "Gil is the most powerful and therefore kills everyone", some characters are more powerful than others, and some characters are also more suited to fighting certain fights than others.
Oh, also, would the TM characters be assumed to know who the DC and Marvel characters were (even if believing them to be fictional)?