Okay, there are a few issues at hand.
First is \"puzzles or not\". I don't think that you can bring the original
Password back while
Pyramid is on the air without it seeming like a knockoff. Remember,
Pyramid was an 'improvement' on the old
Password format and logically came after it. Since
Pyramid isn't doing excremently good in ratings, why would you bring back an older, slower version of the show?
So, assuming puzzles, you have to come up with a format which is both simple and allows for a non-straddling format. A game like
Password is not as compelling as WWTBAM or
Survivor, and likely wouldn't hold similar amounts of interest overnight. And the problem with best two-out-of-three matches is that there's the odd chance the game would end early, and you've got four minutes to fill.
So, if I really had to revive this show (and keep in mind that I probably wouldn't want to revive it at this time anyway), I'd probably have three games, each worth a certain amount of money but each round being equal (say, $500) and then an Alphabetics-type round for ten times whatever is won. Even if the game is decided after two puzzles, there's a reason to play a third game -- the winner wants an extra $500 and a chance to turn it into $5000, and the loser still wants to pocket $500.
Basic Law Of Game Show Design: If you need to use the word \"except\" when forming a rule, rethink the rule.
There are exceptions[...]
Does that mean that you need to rethink the Basic Law of GS Design?