Okay, first thing. If you would like to join a team and not have me place you in one, check this thread because then you won't have to play on Team Hobosexual or The Compton Ballgazers. Unless you want to.
The game plays like so.
There are some teams (don't know how many yet) and they all have challenges to complete. Some times they are group challenges, some times individual challenges. After the challenge ends, at least 1 person will be eliminated. After every 2 challenges, there is a round where you guys "vote off" a user and they are eliminated as well. Because some times life isn't fair and this game will reflect that.
Soon the player total will be low enough that tribes will have to merge. Finally, when there are only a few players left, it becomes a free for all challenge and the winner will be the KYM survivor champion and they win the prize. Which I think will be a ThinkGeek gift card.
Important notice, these rules may change between now and the beginning of the contest, but they probably won't change much if they do.