I had posted this in a topic on PotD, and got a good response for it. Lets see how the reall gurus like it.
What they should do is retire the top 4 or 5 characters and create a gauntlet for the new champion to go through. So lets say the top 4 (in order) are Link, Cloud, Mario, Solid Snake.
The new champ has to face Solid snake, if he wins he faces the next one on the list until that champ loses or beats them all. So if the champ beats Solid Snake and Mario but loses to Cloud the champ is now in the number 3 spot in the gauntlet of champs for the next contest.
A rule should be made that Solid Snake would have to be knocked back into the next tourney or something along those lines. Also the first gauntlet should only have Link, Cloud, and maybe Mario.
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R.I.P Halo 2