If we're talking WCOP alternatives, I would love to see an exhibition-style "USA vs The World" tournament and I've been thinking a lot about it lately so let me give a brief rundown. I think the USA makes up such a massive portion of Smogon's userbase that even giving it 4 teams isn't nerfing its power hard enough, as can clearly be seen with East winning every year, West routinely going deep in playoffs, etc. Meanwhile the rest of the world has to compete within their fractured communities, none of which have been particularly threatening in the last half decade - and this is no fault of the regions themselves, the population distribution problem is just absurdly difficult to overcome. So why not embrace the fact that WCOP is never going to be a fair tournament and instead see what everyone really wants: the best players in the world, in their best tiers, battling for supremacy.
Format: 10 vs 10, but each individual matchup is a best of three. 4 SM / 1 ORAS / 1 BW / 1 DPP / 1 ADV / 1 GSC / 1 RBY. Both teams field a roster of 10 players + 2 substitutes. Subs are highly restricted to avoid teams using them maliciously (e.g. you've spent all week prepping for an opponent who knows he's going to be subbed out at the last minute). There is one Team Captain who sets the roster and determines substitutions if necessary. The Captain is also a player and counts as a roster slot, though he could be a starter or a substitute. Tiebreaks would be handled as usual, 1 SM + each team picks 1 tier, except there's no seeding so teams would submit simultaneously to a neutral party. Even if they pick the same tier it's fine, most of the top dogs are going to be versatile so it wouldn't impact the quality much.
Setup: The hardest part will be deciding who gets to be Captain for each team, since they basically determine everything about their team and we all know how people like to favor their friends on this website. I'm sure everyone has an idea of familiar faces, I would personally support BKC for USA and Ojama for The World but it's up for debate. I would definitely support letting the TDs decide as well since there's a fair split and they would want to pick the best candidate since they're representing their team.
Incentives: Now obviously people are going to need a reason to play this beyond fun and pride, we all know how unmotivated even some of the top players can be, not to mention the attitude going around that only trophy tours are worth investing time into. However it's also unfair to the people who aren't playing this (99.9% of Smogon) to make it a trophy tour since it's extremely exclusive, way more so than your WCOP/Snake/SPLs. Therefore I think some combination of ribbons/profile banners/cash prize would be appropriate. Another idea is mailing out actual trophies, I know this takes time and effort not to mention covering shipping costs, but I think it holds significant sentimental value and makes the achievement feel more real.
Other considerations: I didn't include lower tiers because, personal beliefs about the quality of competition compared to old gens aside, I wanted to style things after WCOP. Also, I'm not saying that a non-USA team couldn't win this year, I actually have high hopes for several of them, and maybe this post is a bit premature in that sense because we've yet to see how it goes, but I do want to see an exhibition like this independent of whatever is happening in WCOP. For roster selection I really considered a public poll but there's too great a possibility of people trying to sabotage the opposing team or just voting in randoms or meme players for a laugh. I understand the problems with having one person select the entire team, and there will undoubtedly be people who feel they were left out unfairly and plenty of hurt feelings to go around, but I don't see a better alternative. If you think the USA team would be 90% East...well, you're probably right. But I think The World's team would be way more interesting, I won't go so far as to construct my own theoretical rosters but you can imagine it for yourself. Seeing all those huge names relegated to a prelims or quarterfinals exit every year just kills me, this "super-team" would give them all a chance to shine.
That's it for my preliminary thoughts, maybe this isn't the right place or time but it's been on my mind constantly and I think it would make for quite a competitive and entertaining spectacle.