"First Place Guaranteed a Minimum of $1600"

There, that's more like it.
The person that wins the tournament gets at least $1600.
Plain, Simple, Clear..End of Story...A real "Guarantee"!

Not really my "cup of tea" due to 1st place getting the "check" and 2nd place probably getting the "change".
BUT,
IT DOES tell a person exactly where they stand going in, and what to expect.