The mode has a required number of players 8, 16, etc. Players are set to level 60 with 0 paragon for this mode.
The winner gets 50% of the entry fee pool, 2nd place gets 30%, 3rd gets 20% or something along those lines.
Once the required number of players has been met, the players start with no gear in a large circle. At the center of the circle a bunch of gear is lying on the ground for players to rush and quickly gear up. Outside of the player circle is some kind of cover like forest, rocks, etc. Do you run to the middle for gear and risk immediate death in the game or do you take your time and scavenge the outer ring for gear?
Random events within the map also occur, similar to the book. They could be used to limit the amount of time the game would last as well.
Perhaps the skill system is tweaked a bit as well. You can choose one skill to start with and every time you level up you can pick another skill. Similar to a DotA or LoL type of leveling system. That might be an interesting addition as well. That way you don't have a naked monk running to the center with tempest rush faster than everyone else, popping 4 second invulnerability and safely taking the best gear right off the bat. Trying to keep the game as fair as possible from the start. You would get experience from killing other players or killing neutral mobs in the woods.
I think it would appeal to a majority of the players. Especially ones who aren't interested in getting curb stomped buy a guy with 20 bil worth of gear.
This would just be a mode that could be selected for PVP. It wouldnt be the only version of PVP.