I think the build-a-character tourny could be an interesting thing to look into. You could award more points for creativity over just sheer brokeness and have some real nifty creations.
I actually had an idea of "femme fatale" tournament with only female characters being usable. The power cap should have been Engineer (low herald).
In fact, I'm not against martial arts-oriented tournament. The guidelines are:
1. No mixed genre characters\characters whose main canon isn't comics books one.
2. Superpowered characters are allowed, but the cap of physical stats\energy projection is Immortal Iron Fist (w\chi amps and stuff). If someone wants to draft and use say Wonder Woman or Champion, they'll be nerfed to that level.
3. The battle arena is 10*10 metres adamantium cage, the battles are held one-to-one, while the team contains three characters. In round robin\qualification round schedule is announced beforehand, but the characters for every match are chosen randomly from team's roster by tourney host the day before the starting date. That adds the variety.
4. No prep time, the cube is completely bland.
5. Weapons' use is allowed, but no OHK stuff and no weaponry other than character's standart equipment.
The guideline is continued:
6)Wolverine is the killability cap, KO for 1 minute counts as win. No inorganic (rubber, sand, water etc) bodies.
7)Telepathy is allowed for the purposes of in-combat mind reading and (possibly) illusions, all the usages other than that is banned.
8)Flight is allowed (not that it's a big ass advantage inside 10 on 10 cube).
9)Time manipulation is allowed, but only for the purposes of slowing down time to simulate tourney cap speed (which is the one of chi-amped Iron Fist).
10)No OHKO moves other than "finishers" like Leopard Blow attack. OHKO attacks performed using superpowers are banned.
11)Strategic teleporting inside the cage is allowed, but no BFR or self-BFR.
I just had an idea for the Olympic idea I mentioned earlier. The way it would work is that you'd have a pool of Herald characters to choose from with each two man team picking six to eight characters or somewhere around that number without actually knowing their challenges (to make things interesting) beforehand. The goal would be to form a team of rather balanced stats. Once all teams pick their characters the challenges would be revealed to them. Just for examples you'd have things like footraces, shot-put, diving, kick-boxing, deadlift, and maybe even a decathlon (tailored to Herald level characters of course).
Just brainstorming right now.
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“Where the longleaf pines are whispering
to him who loved them so.
Where the faint murmurs now dwindling
echo o’er tide and shore."
-A Grave Epitaph in Santa Rosa County, Florida; I wish I could remember the man's name.