This sounds like a really nice idea. 8 Boxers pair off, and fight three 3 minute rounds, the winners then face off in a semi final, and the winners of that meet in a final, all settled on the day.
As such, the most any fighter will fight is 9 rounds.
I think this sounds a really good idea- every single fight would at least be competative, with each fighter trying to win to progress. Winning the tournament would be good for the fighters prestige, too.
If this is a success, it could be the start of a new style of boxing event- competative tournaments, rather than the current format which is " Main event, plus a series of prospect V journeymen workouts on the undercard. "