Quarterfinals: Rey Mysterio def. Cody Rhodes; Wade Barrett def. Kofi Kingston; The Miz def. R-Truth; Christian def. Dolph Ziggler
Semi-Finals: Barrett def. Mysterio; Christian def. Miz
Finals: Barrett def. Christian
This is more or less how I'd do it:
Rey Mysterio def. Kofi Kingston
Antonio Cesaro def. Ryback (Shield interference)
Daniel Bryan def. Christian (kicks him repeatedly in the head until ref stops the match because christian passes out)
Cody Rhodes def. Damien Sandow (Tag Champ vs. Tag Champ)
Antonio Cesaro def. Rey Mysterio
Daniel Bryan def. Cody Rhodes
Daniel Bryan def. Antonio Cesaro
They reach the 15 minute mark, so the ref calls the match a draw. The crowd chants "let them fight" and they continue the match... sudden death. Bryan wins a back and forth match to become King of the Ring.
I'd probably have Barrett win the MITB at Wrestlemania or something.