It would play out like the level 28 PoE, but after the boss, the cycle would repeat, every round adding a condition that makes the round harder. These conditions would stack, and the boss selection would be random for every cycle.
Rewards, other than the prestige factor of the leaderboard, could be emblem/shader drops for completing large amounts of rounds, these emblems and shaders being exclusive to your accomplishment.
When everyone in the fireteam dies, there is no darkness zone restart; the PoE ends, and your fireteam's place on the leaderboard is revealed.
Thoughts?