I'm down with you experimenting since you have a good track record of fixing things when they're unbalanced.

That said, personally, I don't really enjoy the 5v5 type fights we see in conquests and gauntlets much (or even the everyone-for-themselves TOP 10 fights). Waaay too random for me. I've always been most drawn to the PvP strategic aspect of the game myself. I'd prefer to just tweak seasons to optimize the PvP experience and add team play for a side-tournament format or something.

How to optimize 1v1 PvP in blood gods?
1) No more arena tokens
2) Everyone fights everyone else in blood gods exactly once per week (no more missed fights because someone is dead)
* - You can say a perk of moving up to blood gods is that your glads are now immortal. OR you can just have Jimmy the Squid revive dead glads before each fight at the stable-master's cost.
** - The weekly revision of the fight queue also allows a window for glads to retire out of blood gods once each week and new glads to come up from Primus.

This will result in an arena where glads are ordered in their "true rank" compared to the other glads in blood gods.

From this base PvP arena game, lots of special team tournaments can be added for fun and variety. But to me, the meat and potatoes of games like "Pit of War" is the 1v1 PvP strategy play.