How about having level bouts similar to boxing. A certain level battles certain levels. For example level 0-20, 21-40, 41-50... or power such as 0 to 1 million, 1.1 mil to 2 mill... Then you can have level or power champions instead of just one champion.

Yes or like a golf tournament with 4 divisions, say lvl 1 to 40 then 40 to 70 then 70 to 90 then 90 to 110 and a first place in each division. Or go by power lvls, as Kaotic has said , four winners is better then one and can have all players participate if they want instead of just the top dogs as they say. But don't know how much lag that would cause or how much coding would be required .