Arena is so out of my league too :P

It's similar to a round-robin format, I think with a loser's bracket. I think. I dunno.

There is two brackets. So if two people meat in the winners finals, the loser then has to go down to the losers bracket and play the winner of that bracket and then the winner of that match has to go back and play the winner from the winners bracket. If that makes sense.

Makes no sense to me either. So EG takes 5 matches to Nerd Blue's 4 and loses? I'm sure there's some reasoning behind it, but I'd at least want to see best of 3 finals sets or something. At best Nerd Blue tied EG 1 finals set a piece.

To put it in a clearer way. It is double elimination. When the teams met in the finals. EG had already lost a set of matches somewhere in the tourney to get knocked down to the losers bracket. Where NB had never lost a set. When EG won the first set of the match up it efectively put the two teams at even. NB beat EG to give them their second elimination.

The brackets to these sorts of tourneys don't look like a typical NFL, soccer or NCAA bracket and can be somewhat confusing.... but I'll try :p
It seems it was double elimination and there were 8 teams. 2 of the teams are going to be flawless and remain in the "winner's bracket" where they will compete against each other and be given their first loss.
In the meantime everyone who has lost once now goes into the losers bracket where they battle it out and get eliminated upon their second loss. (Evil Geniuses would've been in the losers bracket). The winners of the losers bracket would then play against the team that has one loss from the winner's bracket. Then the team that wins out of that matchup plays the (presumably undefeated team) that is holding the winner's bracket. This is where they would have to overcome a 2 win deficit because they have one loss already and the winner's bracket team hasn't had any.

http://t1.gstatic.com/images?q=tbn:ANd9GcTUhrnhCkAwOUDlBr6sbweOneZ6ueBp1CPtVt54aTvCbfUbKBc&t=1&usg=__sHd97PLUMYC6GE-oZ2GAxZc0Rwk=

Ok, that makes more sense. So in effect they did play best 2 of 3, with NB winning the first, EG winning the 2nd and NB winning the 3rd.