The 8th Champion's Quest is starting on August 28th, it will end on November 15th.

Parameters of the quest
Min castle: 4
Min rank: Br-Gen
Per Kin/one champ: Best per kindred (one champion per class) Special reward for first place overall.
Item/Spell restrictions: Yes (You can only use your own spells and items you earned yourself)

Becoming a champion will grant you a soulbound champion weapon of your choice.
Becoming a champion faster than anyone else who entered the quest will grant you a second soulbound champion weapon to give to an alt of your choice.(Alt must belong to you.)
Finishing the quest and fulfilling all requirements regardless if you win or not, will grant you a soulbound To Next Level scroll capped at 4million exp.

Stat/GA/Exp scrolls and gods/imps raising you is automatic disqualification.
Time is done by ingame time based on how long your character has been online.
Time will not be shown until the end of the quest.
Rewards are given shortly (possibly a few days) after the end of the quest.

Second champion weapon reward is just a test for now, no promises on it happening again in the future. If it does happen it will likely be a rarer type of champion quest.

For more information on Champion Quests see http://aranock.forumotion.net/t3089-champion-of-champions-quest