In theory, with 48 people, you only need 3 byes if you slightly change the order past the semi-final round.

**Winner's Bracket:**

Round 1

48 teams (24 winners, 24 to Round 1 Losers)

Round 2

24 teams (12 winners, 12 to Round 2 Losers)

Round 3

12 teams (6 winners, 6 to Round 3 Losers)

Round 4

6 teams (3 winners, 3 losers to Round 4 Losers)

Round 5

3 teams (1 bye to the team with the best overall Win / Loss, 1 winner, 1 Loser to Round 6 Losers)

Round 6:

1 + 1 = 2 teams (1 winner, 1 loser to Round 8 Losers)

**Loser's Bracket:**

Round 1

24 teams (12 winners, 12 eliminated)

Round 2

12 + 12 = 24 teams (12 winners, 12 eliminated)

Round 3

12 + 6 = 18 teams (9 winners, 9 eliminated)

Round 4

9 + 3 = 12 teams (6 winners, 6 eliminated)

Round 5

6 teams (3 winners, 3 eliminated)

Round 6

3 + 1 teams (2 winners, 2 eliminated)

Round 7

2 teams (1 winner, 1 eliminated)

Round 8

1 + 1 teams (1 winner, 1 eliminated)

**Championship:**

Best of 5