Personally I think the best idea would be option B (a match-format league) plus a championship/cup like this year's at the end of the season.
With a match format the short breaks mean you don’t cool down between games and stay pumped with adrenaline. It also makes fitness and stamina more of a factor. Playing against the same team again and again mean that you have to be more adaptive, and also promotes more aggressive, interesting playing. Normally teams will have more than 5 players so that you can put out different players, if they some are getting tired or they want to vary their tactics with more offensive or more defensive squads. They also sometimes have pit-crews to help them get ready for the games in the 3 min breaks.
Admittedly it would be quite a rush in the 3 min breaks, especially for the less experienced teams, but i doubt it would take long to get used to it. Also it would make it easier to lend kit, as you wouldn't have to keep passin it from team to team. Another advantage would be that in between matches teams would be free to watch the others, as they wouldn't always be preparing for games. And if a team's afternoon match was one of the earlier ones they'd be a able to have few beer while watching the other teams play. Or if the had a long drive home, and weren't staying for the piss-up then they could make an early start home.
I'm working on costs at the moment, but I'm estimating that we could organise a 4 event season for an entry fee of around £250 - £300 per team for the whole season (so about £60 - £75 per event).
Over all it is an even more exciting way to play, that really pushes you to develop your skills and fitness, and is much more interesting to watch. Frankly, if it goes ahead I'd be gutted that i wouldn't be able to play. (I'm graduating)
So...
What do you all think? What do you want to do next season?