The Collaborative International Dictionary of English v.0.48:

Tournament \Tour"na*ment\, n. [OE. turnement, tornement, OF.
   torneiement, tornoiement, F. tournoiement a turning or
   wheeling round. See Tourney.]
   1. A mock fight, or warlike game, formerly in great favor, in
      which a number of combatants were engaged, as an
      exhibition of their address and bravery; hence,
      figuratively, a real battle. "In battle and in
      tourneyment." --Chaucer.
      [1913 Webster]

            With cruel tournament the squadrons join. --Milton.
      [1913 Webster]

   Note: It different from the joust, which was a trial of skill
         between one man and another.
         [1913 Webster]

   2. Any contest of skill in which there are many contestents
      for championship; as, a chess tournament.
      [1913 Webster]

WordNet (r) 3.0 (2006):

tournament
    n 1: a sporting competition in which contestants play a series
         of games to decide the winner [syn: tournament,
         tourney]
    2: a series of jousts between knights contesting for a prize