Instead of gay names like "Mr. Olympia" or "night of champions"....
why don't we do "night of the freaks" or "Freakshow Expo" or something along those lines. Promote it more as a freak show, not a 'competition".
*drum roll*
"Gentlemen, this handsome fella fucks, yes, fucks grapefruits!!!"
"This man sold out his mother to the feds and had sex with a transvestite to reward himself!"
Round two:
"This is the ' guess what mental disease this man has' round!!!"
Finally, an exposition of flexing. The man with the reddest face still standing after 4 minutes is the freak of the night!
And then you can do audience participation, like nipple pinching or throwing pies at them.
This would be hilarious and profitable!