This is a tournament they had that was a 5v5 team battle in Japan where each team used the same character. They had their own team names, but to simplify i.e., Team Jacky vs Team Kage. Like most all VF Tournaments in Japan (that I know of), aint no 2 outa 3 matches, 3 outa 5 matches n all that. If you lost one match, gtfo (lol) and let the next person on your team try to beat the remaining players on the other team.
Bout 8+ hours of footage you can see thanks to Tricky for uploading it to his Youtube channel. If you play and understand how VF works, but never seen it played at a high level (or even if you have), I highly recommend watching at least some of this. Cause these cats take it there, lol.
There may be some parts early on where the video seems to stop, but it’s still playing and will pick up were it left off. That’s just how the stream went. Just skip to about the 4 minute mark to bypass most all the pausing.