How does everyone feel about having a gladiatorial competitive PVP arena in ESO? The scale of battles could range from one vs one, to four vs four with a rank structure for players with the most amount of kills, least amount of defeats, ect. These would be short 5-15 minute fights that would take place in an actual small arena with other players observing the fights as they happen, with the possibility of being able to place bets on the outcome. Players would be matched according to their rank and desired type of match and would also have no knowledge of who they are to fight before hand, nor would they be able to communicate with them or anyone else outside of their team during the fight. Basically it would be the arena fights from Oblivion, but with other players. Nothing complicated.
Spoils for the players participating in the fight would simply be a percentage of the bets placed on the match as well as whatever amount of money the other players put down to join the fight. Winner takes all sort of thing. Titles would also be awarded... and lost depending on gladiatorial rankings.
Also, upon defeat you are prevented from fighting again for a week, so as not to overcrowd the novice ranks.
Players of the same guild would also not be allowed to fight one another, though they can be on the same team of course.
P.S. To further obscure the possibility of players intentionally throwing fights for money, not only will they be randomly matched according to match preferrences and rank with no advance knowledge of who they will fight before hand, but player's names on one team would not be visible to the other team and vice versa.