My idea would be a PPV, with a whole new name. Perhaps, Destiny. The title would help reflect the significance of the championship and also help the other storylines, in terms of making them seem more important.
Start the show with a 20 man battle royal. Same thing as Royal Rumble, except that they all come out at once and you can eliminate someone via pinfall, submission or over the top rope.
When you get down to the last 8 guys, then split the 8 in half and have two fatal fourways later on in the show. First pin/submission is the winner. Then, in the main event, you have the two winners of those fatal fourways square off with the winner getting a shot at title in the main event at Bound For Glory.
So, it has a feel of the Royal Rumble, a feel of King Of The King and a feel of WrestleMania, virtually the three biggest concept PPVs that WWE has (minus Survivor Series), but it's also completely different and fresh in it's own ways. they could call the entire ordeal itself something like 'TNA's Championship Series' or 'Destined For Gold Series' if they went with the Destiny name.