An annual contest of chance, skill or both on which users can bet up to all of the phuks they received that year and double it. the actual number of phuks given/received remains the same but users get an experience boost from a badge that shows off how much they bet/won in a particular year. each year gets a new badge and serves as an anniversary badge for phuks (and maybe there's an included automatic bonus and/or consolation prize of 100xp or something for being around for a year.)
gives a way for those desperate for internet points a way to catch up but not too quickly. gives phuks an annual badge to celebrate the anniversary of the site.
The leveling system is in place to stop users from becoming power mods and abusing the site. I'm all for the idea of doing something with your points but not at the expense of compromising one of the safeguards of phuks.