The Advanced tournament has 5 rounds and can be purchased from the shop after completing the Adept tournament.
You'll need atleast 32 characters that are playable for this to appear in the Shop. Advanced isn't that bad. You can use any character you are comfortable with of course, but by far the easiest way is to pick Omega Shenron. He starts with full Ki, and you can just pretty much spam his towards+:but: attack. This is a ranged attack so you aren't in any danger of the AI getting a ring out on you. If they manage to go into Hyper mode, then just back off and dodge so they can't do massive damage to you.
*Thanks to KillerBEA for this tip