King of the Ring used to be a fixture in the WWE and it was something that fans waited for all year long, much like WrestleMania or Royal Rumble. It hasn't been contested regularly since 2002, but I and many others feel as though the return of King of the Ring is long overdue.
It won't be coming back in pay-per-view form this year and there isn't any indication that the tournament itself will happen, either, but it's certainly possible. The last three King of the Ring tourneys have come two years apart from each other and the last installment happened in 2010, when Sheamus became king on an episode of RAW.
Also, according to WWE.com, a King of the Ring feature has been added to the WWE 13 video game, so perhaps there is some thought being given to having the tournament on a three-hour RAW in November, just like two years ago.
Winning the King of the Ring tournament has helped launch all-time greats such as Randy "Macho Man" Savage, Bret "Hitman" Hart, "Stone Cold" Steve Austin, Triple H, Edge and Brock Lesnar to the next level in their respective careers, and there are several guys on the current roster who could use that type of push.
Here is how I would book an eight-man King of the Ring tournament using said current roster.