There are already tournaments within different servers, but my idea is that a tournament/round system is built into LFS.
For example, there would be a five round race, each race with three laps, and you get points for your position, then at the end the points get added up and the winner is announced. I got the idea from the BTCC races, as they have rounds. I doubt it woould be too hard to do, i guess a good programmer like the devs could easily incorporate it into the next patch