Interviews with Kramnik and Anand reveal six months preparation is "enough".
General structure: single elimination tournament, to prevent the Soviets from colluding.
Tunable knobs: how long the cycle is, time in betwen levels of the tournament, where the former champion gets seeded in.
2 year cycle
"former champ" == "last cycle's champion"
8 candidates announced January 6 months pass 8-player match July 6 months pass 4-player match January 6 months pass 2 player match, yielding challenger July 6 months pass, former champ enjoying laurels for total 2 years final match December --- 15+1 announced, including former champion January 6 months pass, former champ enjoying laurels 16 player match July 8 player match January 4 player match July 2 player match December --- 14 announced January 6 months pass, former champ enjoying laurels 14 player match July 6 months pass, former champ enjoying laurels for total 1 year 8 player match, 7+1 including former champ January 4 player match July 2 player match December --- 12 announced January 6 months pass, former champ enjoying laurels 12 player match July 6 months pass, former champ enjoying laurels 6 player match January 6 months pass, former champ enjoying laurels for total 1.5 years 4 player match, 3+1 including former champ July 2 player match December --- BEST PLAN: 24 announced January 4 months pass, former champ enjoying laurels 24 player match May 4 months pass, former champ enjoying laurels 12 player match September 4 months pass, former champ enjoying laurels 6 player match January 6 months pass, former champ enjoying laurels for total 1.33 years 4 player match July 6 months pass 2 player match December
2 year cycle seems more than enough, though 3 years is OK stretching the time betwen matches to 9 or 6 months, which might be appropriate if the matches themselves are long and recovery time after matches.
Of the (say) 24 spots, reserve 1 for loser of the last championship, 1 for a large knockout world cup winner (allows a wild card-like entry), 1 for reigning women's world champion, 1 for blitz champion, remaining 20 (or more) go to highest rated.
Though really, I think this is all too complicated and have a better idea.
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