While it won't be a one night tournament, it's still fun to have back. Pretty solid list of competitors, too:
RAW: Baron Corbin, Cesaro, Cedric Alexander, Drew McIntyre, Ricochet, Sami Zayn, Samoa Joe, The Miz
SmackDown! Live: Ali, Andrade, Apollo Crews, Buddy Murphy, Chad Gable, WWE 24/7 Champion Elias, Kevin Owens, Shelton Benjamin
Personally I'd pick McIntyre to win, but I could easily see Ali, Andrade, Owens, Zayn, Ricochet or Joe win as well. Wouldn't mind seeing Cesaro advance a round or two as well instead of being cannon fodder.
But judging by booking so far this year it's obviously Baron Corbin that's winning. Sorry to let my cynicism show but I've hated this guy since NXT.