So for the sake of this fictional tournament where I'm re-establishing 3MB, let's say The Usos retain and you cool off Harper & Rowan for a bit and keep them with Bray for the time being. My bracket:
First Round
3MB vs. R-Truth/Xavier Woods
The Ascension vs. Los Matadores
Rybaxel vs. Kofi Kingston/Justin Gabriel
Mark Henry/Big E vs. The Miz/Damien Sandow
Semi-Finals
3MB vs. Henry/Big E
The Ascension vs. Kingston/Gabriel
Finals
3MB vs. The Ascension
Since 3MB can always have a third member on the outside to run interference, that will propel them through the tournament. I'd even have them start smashing guys with a guitar, a la Jeff Jarrett. Let 3MB run with the gimmick and make it more than it already is - these guys are fun jobbers, but they'd make great heels if you let them.
As for the Ascension, a tournament like this would help them upon their debut and I've matched them up in the first two rounds against guys that will make them look good and bump like crazy for Konnor & Viktor. In the finals, losing to 3MB via shenanigans helps keep Ascension looking strong as well and sets them up as someone to fear in the division.
Let me know what you guys think - I tried to keep the face/heel dynamic even as much as possible and give a little shine to guys who haven't been getting tons of TV time recently (like Henry, Kingston & Gabriel). Also, don't worry about Sandow, because Miz is taking the pinfall in this purely hypothetical tournament. 

t: