It's two ladder matches, one male and one female. There will be 8 participants of each, four from Raw and four from Smackdown.
As far as who needs it... I agree with Snowman. I'm over the whole MITB thing. It's a cheap way to get a title and especially in this past year, it seems to be more of a liability to the company and to writing stories than it is a strength. No matter who you book to be champion, you have this looming MITB briefcase holder over every decision. Plus when we do have a briefcase holder, we get constant teases at cash ins and I find those annoying. If they want to continue doing it, give the winners the title match at Summerslam. The anytime cash in, I feel should end.
On thinking more about this, I'm certainly thinking there's still a place for it, but not this year. All the positives are still there...
But I still remember how worried and afraid I was at MITB last year, when most people called for Corbin and Carmella to win and they wound up doing so, and we can argue how beneficial it was but Corbin saving us from Jinder was not just an unlikely outcome but a ultimately shitty one outside of a one-night pop, and we see what's going on with Carmella.
MITB can still give some quality stories (like an unlikely Chad Gable win, leading him to cash in on Seth later on as a face and let him be the underdog champion nobody believes in, or letting Sasha hold the briefcase for a while while Alexa and Nia feud until October lol).
What if Balor wins? Well you sorta wasted it since you can just have Finn Balor win a tournament, or just become #1 contender fairly easily. Moreso with Strowman.
If someone like Rusev wins he'll job his ass off get a random win and be a chicken heel.
Eh.