Back when I first started WOW, my guild had bracket cage matches in the arena near booty bay.

it is a perfect place to have whatever we want, I mean 10 level 55 versus one level 80,

12 level 4 versus 3 level 68.

I mean anything you can imagine, just have to keep griefers out of the arena, but its almost always abandoned now anyway.

They had prizes and side bets.

some rules might apply- no bandaging non team members, no flasks or potions, no soulstones or anks or battlerex;

or anything goes, if your rich bring your twink gear

Just an idea.