Frank,
Catch n release will not be mandatory, though it will be encouraged, however, all fish must be alive and in good condition for the weigh in. If you would like to keep your fish, you can do so after the weigh in, but before then, all fish must be alive and well. When everything's over with, you can take your fish home if you like. As for penalties, there will be a 1 lb. penalty for any dead fish weighed in. That is pretty steep for a 12" calico bass. Pete mentioned having a mixed bag tournament which might be cool. We'd have to think of a way to compete calico bass with like halibut and stuff.
-Brian