Does the tournament start at 2PM server time or 2PM PST? This post says server time but the linked guide says pacific time.
It's server time for EU realms at least. We've already had our extravaganza, started at 2pm server time and finished at 4pm. Surprisingly little PvP action going on during it too until somebody won, I guess players don't want to waste their fishing time fighting while they still have a chance to win.
I saw someone with the Master Angler Hook on Gehennas EU already just a day or two ago, how is that possible if the fishing contest hasn't been out yet? He was chilling in the SW canals with 2 other guys just swimming next to him.
If you want the main prize you need your guild help. It is usually over in 20 minutes.