A gaming system and method which provides a community group event to a plurality of players at a plurality of the gaming devices in the gaming system. Each gaming device participating in the group event is associated with an individual group event eligibility timer. Such individual group event eligibility timers regularly decrement based on time and may increment based on one or more aspects of the player's gaming experience, such as wagers placed. If the individual group event eligibility timer associated with a gaming device participating in the group event lapses before the conclusion of a group event timer or mode, that gaming device is eliminated from the group event. Upon the conclusion of the group event, a group event award is shared amongst the players at the remaining or non-eliminated gaming devices (i.e., the gaming devices associated with individual group event eligibility timers with any amount of remaining time).