So there is a separate team avatar and emote drop for every team? As in you would need to watch 4 hours of POV stream x the number of teams to get them all?
As for the regular masters drops, are those only from watching the official Smite channel or any channel playing Smite with drops on during that period?
Yes -- to get all 8 avatars you'd need to watch player POV streams for every team. Obviously some teams may get knocked out early, but if those players stream at all during masters weekend you'll still be able to increment progress.
Regular drops are on smitegame only!