I would honestly be all about trying to recreate Pay-Per-Views from the e-fed I was the head booker in, the ECF. As such...
Our first ever event was titled ECF Presents: Danger Zone. The theme of this is that we have an "Outnumbered" theme. The main events are matches similar to handicaps, gauntlets, tag team turmoils, and any kind of match where a champion would feel not safe, like a triple threat or fatal fourway.
My other event would be my own personal creation, a tournament-themed event called the "Lord of the Mat". Eight superstars are chosen at random that are NOT in the top three contendres for the world title, and are NOT current champions. Then, the first round pits the eight men in an Extreme Rules qualifying match -- the four men who win will then advance to the round two. From here on, the event takes the form of a "round robin" event instead of single-elimination. This second round is a Submission match, each superstar must face the other three competitors exactly once. For every win, the superstar earns one point. After the submission matches are completed, we move on to the third round, the Ladder round. This puts all four men in one fatal fourway ladder match, the winner obtaining a single point (obviously a very important round). The semi-finals and finals will take place on the night of the Pay-Per-View, just like King of the Ring used to be. The semi-finals would open the show and would be contested under Table match rules. Then, the finals would pit the two individuals with the highest scores against each other in a thirty-minute Ironman match, for the right to be called the "Lord of the Mat", and would earn the right to challenge for the world championship at the [Wrestlemania]-esque event. In the event of a tie, then the Ironman would be contested under Tripel Threat rules...but it would still have the Ironman rules in effect.
The point of all of this, is in order to be called the "Lord of the Mat", you need to truly show that you can flourish in all environments.
Anyway, this is my own personal creation that I came up with back in 2009. I'd love to see this actually come to fruition on real television.