I'd have tournament in the different countries to scout the best and recruit from some of the best organizations. Call out the best of the world: USA, BRAZIL, RUSSIA, Timbuktu, wherever. BEST OF THE BEST. Have them go against each other to see who comes out on top by weight class after they've proven that they are tops in their country. Then whoever wins that contest can take the belt and see how long he can hold it.
Anybody who starts a new promotion will have to have deep pockets though because Chuck, Tito, fedor, Cro Cop, Hiughes or Franklin won't come cheap.
Fedor sleeps with a night light. Not because Fedor is afraid of the dark, but the dark is afraid of Fedor.