I disagree with your analogy.
It seems to me that the real competition has been running for years, where people actually stake their business on it.
<advocate type="devil's">
Isn't your way rather like holding a boxing competition to find the best boxer in the world without actually including the professionals? Wouldn't the simplest way be to simply join the association/league that already exists and challenge the current champions? Especially since you mention a title.
A top, professional chef is unlikely to compete in a local bake-off. Its not that its beneath his dignity, its just that he has absolutely nothing to gain from it. His career is proof enough. These games are for amatuers and wannabes aren't they? The chef does this day in, day out and is hardly going to take time off his paid work to do the same thing for nothing, with nothing to gain from it. He already proves himself daily where it really counts, why waste valuable time to do it again where it doesn't?
</advocate>
In short, far from suggesting racing around an empty track, I'm saying that if you want to know who is the best formula1 driver, you need to race in the F1 grand prix, not around the local parking lot.