neat concept dookie! This thread should be stickied once this gets off the ground.
Here are a few suggestions:
1) Make it best out of 21 or an odd number to prevent a tied outcome.
2) detail the rules for crown holders (ie. a crown holder may *optionally* decline additional challenges for that month after meeting a certain number of successful defenses - something like about 8-12 each month. Of course if any crown holder wants to defend their title 1000 times in 30 days, feel free.) If a crown holder loses their title, perhaps allow a rematch clause after 1 week rather than wait the following month to win it back (provided if the person who took their crown is still champion at this time).
3) detail the rules for challengers (ie. challengers only allowed to compete for a specific crown once a month. ie. If you fight for Baraka's crown and lose, you have to wait till next month to try for the Baraka crown again - even if the crown changes hands to another player. You would be allowed to compete for other crowns during this period. Personally for now, I'd like to see a cap on challenges per month like somewhere around 4-5 just to prevent players from tossing out too many bogus challenges.)
Also set rules for challenges/crownholders that don't meet deadlines, etc..
Would be great if all these matches are recorded. Underwater lag matches should be thrown out the window.
Oh, and if I win the kitana crown, you can bet I'm gonna photoshop the trophy to match my signature