It seems there should still be a "Master" for each class, the people who pushed through all the levels as fast as they could dedicating 100% of their time to Herocraft to attain it. Because really, people worked really hard to get those titles first, and rather than removing the hard earned title there could simply be a separate one for tournaments.
I love the idea of titles for tournaments as well, but it does seem like it should be Champion instead, since it is the luckiest person that wins in MC pvp, and the champion title seems more suited for being passed around every week/month to a new person.