I believe this new addition to pvp would be very fun.
You could make it to where the 2 players wanting to stake could request each other and it would pull up a "staking screen" in which players could then add money and or items, then also pick the rules of the fight, like no armor or no weapons or no movement or no rings...you get the idea.
I know on other games that allow this have a huge outcome in players participating and I believe would be a amazing addition to pl and give it that extra edge!
With the lack of updates and new content I believe this would be amazing :)