I like the idea. I mean personally I don't play much arena since the rewards that are given (after the "boosted rewards") are pretty much useless. Nobody feels like fighting another person unless it's for a high reward, so I up this thread.
Don't get me wrong, waiting a week for the league to end is fun and all but it's a rigorous process.
(Also, the rewards sound nice too, would definitely get me back in arena.)