I think they stick around. Though, not sure if that is the case if you withdraw.
If you do that, you may not get any tournament "points" if you would have qualified, though I'm not sure.
Remove tourneys from list?
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Maybe I just missed a check box or whatever, but would it be possible to no longer show Tournaments in my Active Tournaments view, as soon as I am being eliminated? Or do I really have to live out the list clutter until the final winner will have been announced, about half a year later?
In that case I have only one thing to do and that is win every tournament I sign up for :P