First, each pair of images needs to be identified and the solver needs to determine what their combinination will produce. As clued by the title, these are all valid combinations in Little Alchemy 2 (this can also be found by searching for many of the items together after identifying the images).
After determining all of the combinations, the new items need to be pitted against each other in the tournament bracket. The trick here is figuring out how to determine the winner of each matchup. The fact that rock, paper, and scissors are all in the bracket is a clue that this might involve some sort of extended version of Rock, Paper, Scissors. Again, searching for many of the items together will help to find RPS 101, a crazy version of Rock, Paper, Scissors that has 101 possible plays. This can be used to fill out the full bracket:
After the bracket is filled out, an answer to the puzzle needs to be extracted. The matchup times look like they can be used to index into words, but in some cases the time is too large to index into the matchup participants. Instead, they're used to index into the way that the matchup was won. For example, the Day 1 3:00 matchup would extract the letter R, since it's the 3rd letter in Alien TE[R]RAFORMS Mountain. Reading these letters in matchup order spells WREATHOFVICTORY. A laurel wreath is a symbol of victory, so the answer to the puzzle is LAUREL.