Weekly ranked tournaments at fixed times (a few for all time zones) with a 50K buy in and prize pool goes to winners would be a great way to breathe some life into this content.
The weekly winner could also have a plaque in the PvP Arena area as a prestige reward.
1st place - 70% of prize pool
2nd place - 20% of prize pool
3rd place - 10% of prize pool
By keeping the tournaments weekly and at fixed times it prevents the reduction of player concentration from other PvP activities (LMS/Bounty Hunter/Revs).
The biggest problem with PvP arena tournaments right now is that it takes forever to start one because not many players are interested. Individual PvP Arena fights can be very tedious as the loading time to start one is quite long in comparison to LMS/Bounty Hunter.
I think this would add enough incentive without splitting the PvP community too much so that LMS/Bounty Hunter/Revs don't reduce in player concentration.