Snafu the Great
Akuma would be overkill, so it's Gouken and his two eldest disciples running a Marvel vs Capcom 2-style gauntlet match. Each team is at their peak in skill, as is Ryu, Ken and Gouken.
Eight Matches.
1. Team Kyokugenryu (Takuma Sakazaki (as Mr. Karate), Ryo Sakazaki (also as Mr. Karate), and Robert Garcia.
2. Team Fatal Fury (the Bogard Brothers and Joe Higashi)
3. Team Mortal Kombat (Liu Kang, Johnny Cage and Sonya Blade)
4. Team Ninja (Ryu Hayabusa, Ayane and Hayate)
5. Team SNK Boss (Geese Howard, Rugal Bernstein, Wolfgang Krauser)
6. Team DOA Boss (Raidou, Alpha-151 and Evil Tengu)
7. Team Mishima-Kazama (Heihachi Mishima, Kazuya Mishima and Jin Kazama - no Devil Gene for the last two)
8. Team Japan (Kyo Kusanagi, Benimaru Nikaido, Goro Daimon)
Eight Matches.
1. Team Kyokugenryu (Takuma Sakazaki (as Mr. Karate), Ryo Sakazaki (also as Mr. Karate), and Robert Garcia.
2. Team Fatal Fury (the Bogard Brothers and Joe Higashi)
3. Team Mortal Kombat (Liu Kang, Johnny Cage and Sonya Blade)
4. Team Ninja (Ryu Hayabusa, Ayane and Hayate)
5. Team SNK Boss (Geese Howard, Rugal Bernstein, Wolfgang Krauser)
6. Team DOA Boss (Raidou, Alpha-151 and Evil Tengu)
7. Team Mishima-Kazama (Heihachi Mishima, Kazuya Mishima and Jin Kazama - no Devil Gene for the last two)
8. Team Japan (Kyo Kusanagi, Benimaru Nikaido, Goro Daimon)