From what I've seen, some people have problems with specific GMs. I think we can use this and make it something great.
Teams of some amount (Seems like four or five would be a good number) sign up in advance. They pick the GM they want to kill. The GMs don't have to actually do anything, but their body with 9999 hp is put in the middle of the arena. The team is supplied with all the items they need to fight. The GMs don't fight back, they don't heal, all they can do is talk trash. The team starts attacking and the amount of time (if this is realtime) or turns (if it's turn based) is recorded. The team who drains their GM of all 9999 hp fastest wins. Not sure what they'd win, but some kind of rare useless item as a kind of trophy for each member would be cool, maybe even actual rewards. Something entertaining like an extended clip, speed loader spiked knuckles or a scoped louisville slugger.
Unregistered players can still come to the event and watch, but would have to come naked to avoid interference.
Edit: Or make it like a manhunt, where the team that kills the mark first wins. The hp would have to be lowered from 9999 to something reasonable for this.