You can sort the list by various criteria. The default criterion is "start date", but since most tournaments don't have a determined start date, it might appear as if the list was sorted by the number of registrants.
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I used to think that tournaments got placed on the list of upcoming tournaments based on the number of players enrolled up to that point (except for chess.com tourneys which get placed first.). But I check the list and I have a tournament that has 26 of 54 people enrolled and it is WAY down the list and behind other tournaments that only have 2 of 50, or 1 of 40, etc. How does the system determine the order that tournaments get placed in? Thanks.