Described as the "Godzilla" of patches when it was announced last month, it is available to download now. Naughty Dog has also released a new video detailing the patch.
Tournament mode uses a ticket system, in which players are awarded ten free tickets each week to participate in competitions. Users can purchase additional tickets if they run out before a tournament ends, or wait until the following week where they will be reset to ten.
The patch also adds 50 new multiplayer Trophies, more than 100 custom items, treasures, microtransactions, block mesh maps, additional skins and numerous fixes.
Naughty Dog also announced new DLC for August 15. The downloadable content adds more than 100 new treasures and taunts.
Previous updates have added The Lab and Elimination Mode from Uncharted 2: Among Thieves.
Uncharted 3: Drake's Deception sold 3.8 million copies on the day of its release in November 2011.
> Read Digital Spy's review of Uncharted 3: Drake's Deception
Watch a trailer for Uncharted 3 below: