Full Details On The New TNA Impact Grand Title Tournament, Finals At Bound For Glory (Videos)

As seen on last night's TNA Impact Wrestling, President Billy Corgan announced that the King of the Mountain Title is retired and then revealed the new TNA Impact Grand Title. An eight-man tournament to crown the first Grand Champion kicked off last night with the finals taking place at the October 2nd Bound For Glory pay-per-view in Orlando.

Rules are below:

* Each match is 3 rounds, 3 minutes each

* Three judges at ringside will score the match under a 10 point must system

* Matches can end by pinfall or submission. If they go the time limit, judges will decide the winner

Participants for the tournament include Aron Rex, Drew Galloway, Trevor Lee, Braxton Sutter, Eli Drake, Jessie Godderz, Eddie Edwards and Mahabali Shera. Last night's show saw Drake defeat Godderz and Galloway defeat Sutter to advance. Brackets look like this:

Round 1: Drew Galloway defeated Braxton Sutter
Round 1: Eli Drake defeated Jessie Godderz
Round 1: Aron Rex vs. Trevor Lee
Round 1: Eddie Edwards vs. Mahabali Shera
Round 2: Galloway vs. Edwards or Shera
Round 2: Drake vs. Rex or Lee