How does "player limit for event" work? I set mine to 4. Does that mean the timer starts for the min/max time needed to start the event? Or does the event starts once the 4th players has joined within the 1-2 hours default since the last event? Another example, is what if 4 players join within 60 seconds, but 1 logs out and a 4th doesn't join. Does the event even start?

As far as i know that the count must be 4 for the event to start at the time that it has been broadcast, so if it says next event is in 42 minutes there has to be 4 players online at that time.