Ah, maybe I didn't explain myself properly. I agree a 'real sport' approach would suck, but borrowing aspects from competitive sport and using it for storylines is more what I had meant. Like, you can create a competitive sports framework but use it as a vehicle for drama and storylines.
Like you said, it probably would never be feasible (how do you fit in gimmick matches or hell, tag team matches, etc.), but I'm still intrigued about potential possibilities. I wouldn't want to see like ROH 2.0 or Japanese wrestling 2.0 or whatever, but something more silly and campy.