Yes-they have been running some low entry fee qualifiers, but they made it a multi step process. The low entry qualifier ($11) gets you to the first round qualifier. Or, you can pay $95 to play in the first round qualifier. Then one of seven advance to the round 2 qualifier (or buy in for $580). If you make it that far, then in round 2 the top 10% advance to the finals later in the year.
If you make the finals, then it's 200 players. A little different format will be used. Day 1 the top 100 advance. On day 2 it is 2 pronged and 50 will advance to the final later on day 2.
The "no money is taken out" thing may be a little misdirection by them. I am not sure, but I think that applies only to the finals. I believe that there is take out along the way. But they are entitled as they have to administer the whole thing. Plus, the ratios to advance round to round are better than in other contests. I think you can also buy in for $5,000 which actually isn't bad in a real money contest but is pretty steep for this type of contest.