The NLU guys had another interesting format suggestion for the Match Play event in their latest podcast: go back to a straight 64-player knockout with no group stage, but have consolation events which begin after each round for everyone with only one loss. They suggested a winner-takes-all prize fund for the consolation events, which I can take or leave, but here's how I would flesh this out:
Flight A: Championship (Hagen Bracket)
Flight B: Losers in Championship Semifinals (Palmer Bracket)
Flight C: Losers in Championship Quarterfinals (Hogan Bracket)
Flight D: Losers in Championship R16 (Snead Bracket)
Flight E: Losers in Championship R32 (Sarazen Bracket)
Flight F: Losers in Championship R64 (Nelson Bracket)
Day 1 (Wednesday): 32 matches (all in Flight A)
Day 2 (Thursday): 32 matches (16 in A, 16 in F)
Day 3 (Friday): 24 matches (8 in each of A/E/F)
Day 4 (Saturday): 16 matches (4 in each of A/D/E/F)
Day 5 (Sunday): 10 matches in morning (2 in each of A/C/D/E/F), 6 matches in afternoon (1 in each of A/B/C/D/E/F)
1st place (6-0 record): winner of A
2nd place (5-1): runner-up in A
3rd-7th place (5-1): winners of B, C, D, E and F (in that order)
8th-12th place (4-2): runners-up in B, C, D, E and F (in that order)
13th-20th place (3-2): SF losers in C, D, E and F (in that order, 2 tied for each of 13th/15th/17th/19th)
21st-32nd place (2-2): QF losers in D, E and F (in that order, 4 tied for each of 21st/25th/29th)
33rd-48th place (1-2): R16 losers in E and F (in that order, 8 tied for each of 33rd/41st)
T49 (0-2): R32 losers in F
I think this is a great idea which would guarantee everyone at least two matches (and all but the worst 16 players three matches), remove the convoluted group-stage calculations (and lack of incentive for eliminated players going into the final group matches), not exhaust the final four by making them play 72 holes over the weekend, not bastardize a match play tournament with a stroke play finale (which is the main flaw of my earlier "Option 2" suggestion), and keep plenty of golf for us to watch right to the end. You could also give Round 1 byes to the top however many players in the world if you wanted to; I wouldn't do that myself, but it would at least mean those players would definitely be on TV over the weekend in some form or fashion unless they go 0-2 on Thursday and Friday.