I think a double-elimination tournament would be hot.
For example (SPOILERS HEREAFTER)
Tonight
Kane over Christian
Chris Benoit over Triple H
Shawn Michaels over Shelton Benjamin
Edge over Chris Jericho
RAW 5/9
Triple H over Christian (Christian eliminated
)
Chris Jericho over Shelton Benjamin (Benjamin eliminated)
RAW 5/16
Chris Benoit over Kane
Edge over Shawn Michaels
RAW 5/23
Triple H over Kane (Kane eliminated)
Shawn Michaels over Chris Jericho (Jericho eliminated
)
RAW 5/30
Chris Benoit over Edge
RAW 6/6
Triple H over Edge (Edge eliminated)
RAW 6/13
Triple H over Chris Benoit
RAW 6/20
Triple H over Chris Benoit (Benoit eliminated)
Vengeance 6/26
Triple H over Batista (
)
Of course, a double elimination tournament would mean a HHH win most likely, as there's no way he'd lose
twice, so this tourney has its advantages.
Although I'm sure he's going to beat up Benoit or somebody and steal their spot.