I have said for years that this tournament should grant the winner a WWE title shot at Summer Slam. May I also add that the winner should also receive an actual "Brass Ring". I also have said that this tournament along with The Royal Rumble should only be held in Europe where this "Wrestling Royalty" can keep it's true meaning. Obviously 8 men are chosen, but I think the WWE should select the "8" men through the course of the year. Make this a spectacle. Now that both shows are live you could easily get away with not spoiling who is selected.
We often find ourselves bitching about "random" matches. This is one way to help diminish that. We know only 8 men will be selected, but we don't know when, or by who. It should be known that anyone can be awarded an invitation to the King of the Ring tournament. What this means is that every match counts even though we know all of the matches can't have qualifiers. It's a hook that never dies because each year we know the rules and this all works. It's like Willy Wonka and the Chocolate Factory. Everyone was awaiting their Golden ticket and that was the build to a large portion of the movie. The WWE could do same each year with this concept.
Why hold KOTR in Europe?
I think it makes because we have the WWE Network now. Make this it's own thing and I feel like having aired across the ocean as a non PPV type event, but more of a "Network Exclusive" gives it a breath of life that it has never had before. The crowds overseas are far better as well and they deserve the WWE live just as much as us Westerners. WWE sends it's best 8 over seas to prove that one of them is worth a WWE title shot at Summer Slam.
I've long believed the WWE Network affords the WWE the opportunity to expand globally in new and innovative ways for the reasons you've provided above.
They should build up a couple of geographically-specific yearly PPVs. A yearly major WWE event in a foreign country would feel like Wrestlemania to the local crowd, every year.
By extension, take Melbourne as an example - they go crazy whenever UFC, formula one, etc come to town. A house show now and then is never worth mainstream attention - but giving the city its own B-level PPV to make their own would build massive hype and you'd get super-hyped crowds putting the show over, mainstream and casual attention, and network subscribers in a region of the world where everybody has broadband.
India could get a yearly PPV too, where you empower the locals to make it feel massive. Plus it's a nice little point of difference between the 16 or so PPVs they'll be having each year.
The WWE should feel more like a worldwide event, like the Formula One does, rather than having smark-heavy US dominated crowds dictating every major event.
By the way, on a separate note within this same topic:
This is the type of PPV that should be used to catapult Sami Zayn into Universal Championship contention, or a Cesaro.
In kayfabe, how do you realistically win a King of the Ring tournament? What makes it different to every other form of "competition" or opportunity to win a title (such as the Royal Rumble, which theoretically favours the bigger guys)?
1. Competent at multiple wrestling styles.
You need to be able to combat a range of different techniques
from different wrestling opponents with little strategic preparation
You need excellent endurance
to wrestle multiple matches in one night
You need to be smart
about how you spend your energy, through the wrestling style you use in the quarter finals. Take two heavyweights using different strategies for example:
Kevin Owens wins his first match by grounding his opponent, making his opponent submit without expending much energy, while Roman Reigns wrestles a power style, diving over the top rope, multiple dead-weight slams, etc... it'd then be believable for KO to beat Roman Reigns in that situation - something Roman learns from for next year's tournament and becomes storyline.
Corey Graves is someone who can put over that strategic style of thinking about the product and that is the best way to make KOTR really mean something in the New Era.