As the name suggests, this format is an elimination round.
In the Group stage, every Matchday will see 2 managers with the lowest scores get eliminated.
In the Knockout stages, 1 manager will get eliminated every Matchday. 

Transfer hits are NOT taken into consideration, so your overall Matchday score is what matters.

If Managers are tied on points for the lowest score in a Matchday, then the following criteria will be used to determine who gets eliminated - 

• Points after hits are deducted (the team with the lower score is eliminated)

• Bench points (the team with the least points on the bench is eliminated)

• Captain points (the team with the least Captain points is eliminated)

• If we still have a tie, then a random draw will determine which Manager is eliminated.
  
  

The league where these scores can be tracked is here