Madness should do something like this since they already have a system in place that tracks wins and moves people up and down a ladder.

When I ran Warfare, I would try to handle contenders like this:

week 1 - xtreme title contenders match, us title contenders match, xtreme title defense, us champ had night off

week 2 - x-treme title match w/ #1 contender, us title match w/ #1 contender

week 3 - x-treme champ had night off, us champion had night off, usually tried to determine a new contender for both titles on the same night

week 4 - title matches

It came out so the X-Treme Champion defended 3 times per month, and the US Champion defended twice.