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Power Struggle is a 5-player hybrid team tournament format designed to be played with 5 people.

At the start of the night's festivities, players are given 45 random or semi-random cards from throughout Magic's history (by semi-random, I mean that for my group the odds of getting cards that work well in multiples, or cards that specify certain cards is higher than other cards; the specifics of the randomness are up to your group).  Using these 45 cards and as many basic lands as necessary, each player constructs a 60-card deck.

Players are then randomly seated around a table and compete in a shared-deck planechase game using the "Star Magic" variant rules (For each player, players sitting adjacent at the start of the game are considered allies, and players sitting non-adjacent are enemies.  The first player to eliminate all enemies wins).

Once a player has eliminated all of her or his enemies (non-adjacent players), that player receives 30 random cards to improve her or his deck.  All other players receive 15 random cards.

The next game of the night is an Archenemy game, with the last game's winner acting as the "Archenemy".  If the Archenemy wins this game, he or she receives 30 cards to improve her or his deck, and every other player receives 15 cards each.  If the Archenemy loses this game, he or she receives 15 cards to improve her or his deck, and every other player receives 30 cards each. 

In either case, the next game is Star, Shared-Deck Planechase, followed by another Archenemy game.  This continues until a total of 10 games have been played, or everyone decides to go home.  The person with the most wins that night is considered the winner.

Alternatively, you could make a rule such that a player only gets 7 cards if they are no longer in the game at the finish of any game, and make the person with the most non-basic land cards at the end of the night the winner. 

I have updated the wiki for this format.  Here is the link:  community.wizards.com/magicthegathering/...