I think what needs to be decided first is if this is a tournament for the players or for the viewers. This is just my opinion, the current format may be the most enjoyable for the players, but it sucks to watch. You have no clue when to tune in to see the best action and have no idea when you might actually see the championship performance.
As a viewer, this is what I'd like to see. Top 16 (or 32) DK players by high score go head to head in a single elimination tournament. No seedings. Matchups to be decided by draw. Single death ends your game. With this format, you should be able to whip this out in a single day. The champs would only play four times. Have advertised starting times for all matches, especially the championship match. And I'd be willing to bet that this championship match would have more viewers than any other in CAG history. But only if we play a single man. If viewers have to watch over an hour of people jumping the same fireballs over and over for an entire game, people aren't going to watch. But if it's single death and the game could end at any time, there's high drama that will be played out over a reasonable period of time and I think people would tune in to watch this drama unfold. I understand the cost to the players just to get to this tournament and maybe most wouldn't want to risk making the trip to have a wild barrel end their day early. But it sure would be a lot of fun to watch.