Here's what little I know:
Yeah it's entirely racing themed.
All the wrestlers will be on one of four teams, captained by Sonjay Dutt, Jay Lethal, Daivari, and Aaron Aguilera (Carlito's friend Jesus in WWE).
All "season" long teams accumulate points as they "race for the cup"
Bonus points for fastest win and such.
Team with the most points at the end wins.
If anyone else can fill in the rest of the details be my guest.
Hosted by Borash and West.
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Thank you, Eddie Guerrero.
http://i.neoseeker.com/n/2/nintendo_quality_seal.jpg