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If I were the fighters, I'd ask for proof of the money, and that it be held in full in escrow, with only enough withdrawn each event to pay the fighters.
Bellator ran tournaments like this for several years, just for a lot less money.
A 'season' just isn't going to work.
How many 'regular season' fights are each guy going to have ? How many total fighters will be in each weight class? How long is the regular season?
You can't do this inside a year. Definitely not in the US or Canada.
I hate to speak in absolutes, but if this happens, it'll fizzle out, be a huge disappointment and never happens again
Bellator ran tournaments like this for several years, just for a lot less money.