On January 26, the organizers warned they'd have to switch to CS2 if nobody signs up. Despite its open nature, they received zero signups. "Valorant is not dead." assured the announcement post.
Yeah really sounds like the organizers are out of touch with what the competitive, organized teams are needing. And $400 entry fee? Yeesh, that's how you get an immediate no from all your casual teams and then your pros see there's no one signed up.
This article seems to be clickbait, the Valorant Madrid Masters are scheduled to be the same week as the organizer's tournament (Mar. 15-17). No one has signed up because no one has qualified for Madrid yet, it seems.
Someone who knows Val esports format better than me please feel free to correct.