There are three types of contests, namely:
Tournament Contests: The ultimate challenge - play with one team for the entire tournament.
Round Contests: A new Round Contest will be created for every round.
Private Contests: You can join or create Private Contests and compete with friends.
You will automatically be entered into the Tournament Contest and every Round Contest when you create your team.
Remember, you can view your ranking for a particular contest on the Contest Card itself.