The best way for the championship to go up for grabs would be a one fall match tornament sort of like the king of the ring torny on wwe.
Except instead of having one torny there would be two tornys at the same time. Half of the roster in one torny and the other half in the other. The two winners of each torny would fight each other for the belt and the runners up from each torny would fight for the #1 contenders spot.
But instead of the #1 contender getting his match for the belt the loser of the championship match would attck him and almost cost him his spot for the belt due to injury then a fued would start between those two.The two of them would then end up having a hardcore match for the chance to fight the champ.