You've never heard of the KO before?
... says:
Play Rules
The rules are simple in concept. Races are played in either Time Attack mode or Rounds mode with one warmup and one single round (ie points limit of 10). At the end of each race any non finishers (DNF) are eliminated and forced to spectate, if there are no DNF then the last placed position is eliminated (KO) and forced to spec.
You must be on the server before the KO begins, late joiners can not play.
You can find more information here:
http://tm.mania-exchange.com/threads/886/ko-weekly-play-competition?page=1
It is played twice every saturday
EDIT: As I stated above, mixed styles are totally fine, as long as the track is finishable at first attempt.
I added a link in the first sentence of the first topic for everyone to click, if they haven't heard about the KO yet.