Perhaps this could work in the following way..
There's multiple hosting providers using RMS as a free method of providing publicity for their companies. Thus, they are using RMS as a podium to sell their product, without having to give to RMS in return. I propose one of these hosts provides a dedicated machine for such a tournament, this would act as the event sponsor.
RMS then selects a panel of the most experienced administrators from its community who apply to be part of an overall panel to develop and/or administrate the event. Naturally, all logs should be public so that there's no foul play.
Said panel in conjunction with aforementioned hosting sponsor create a window so that participants have time to register, spread the word about the event, publicize the details of the event, et cetera.
If nothing else, I'd propose various RO communities pitch in together (monetarily) to create an inter server tournament, and a representative from each server that pitches in X-amount of money or resources to the project is put in an administrative position for the setup/duration of the event, with a similar setup to that of FeelRO's event. This would (hopefully) prevent the same issues from occurring that did during the FeelRO inter-server tournament.
This could work, or it could turn into the biggest lolfail of 2010, depending on which hands are involved. If there's anyone with the resources who wish to seriously contemplate setting up a tournament for December or in the new year, I'd be more than happy to assist in any way that I can.
A few additional things that would really set such an event apart from the rest would be additional prizes (not just bragging rights, because in all honesty, I don't even remember who won the FeelRO event, nor did I give a crap about it), whether they be t-shirts for winning brackets (would need serious sponsorship for such a thing, though), prize money for communities who place, et cetera. The possibilities are virtually endless, and it could turn into something truly amazing, again, if the right people get involved and it gets enough publicity.