I would have assumed that a TIME "tribute" issue as described would fall under fair use due to being a parody, but lawyers can and will sue where they may... even if they did not win, it would be costly and annoying for the Tournaments Illuminated people, so the threat would have a chilling effect.

I never would have dreamed that KISS would end up peddling soft drinks, but then I never would have dreamed of Bill Shatner fronting for something like Priceline! The power of nostalgia!