1000gp for each victory. 1000gp for winning all five

Conjuration:

The contestants  conjure creatures, which must battle for supremacy

Evocation

Targets must be destroyed.

Transmutation

The contestants are presented with various challenges which must be overcome by shapeshifting

Divination

The hidden things are found, secrets are laid bare, the future is predicted. 

Illusion

Challengers are given a theme, the most impressive illusion wins (crowd favorite)