Time trials sounds interesting... Aerial drag races, given the popularity of ground based drag beasts on the 1/4 mile stateside it should be popular in the air.
I suggest 3 sets of pylons, two pairs at the start, one at the finish line, all with laser/radar speed trap sensors that capture the speed as the planes pass between the pylons.
The first pairs of pylons are a constant speed zone, planes must be doing 195-205 knt on entry between the first pair of pylons, and maintaining the same speed for the 1/2 mile start zone. This is the "christmas tree" zone, just like a ground racer has to know JUST when to drop the clutch and not get out the gate before the green, yet not so slow that the opposition is away ahead... The pilot needs the skill to hold a set speed for a set distance, and know JUST when to bury the throttle forward to pass the second set of pylons without speeding beyond the upper limit speed and getting a DQ, yet not to waste time/distance past the second pylons that could be taken up with accelerating.
Greatest acceleration and delta V increase between 2nd pylon pair and third (finish line) pylon pair wins the drag race.
How that sound as a concept?
Concept trademarked! if you fellas run it send me my licencing fee or I send you my lawyers!

lol
Call it Drag Air, Not to be confused with RuPauls Airline...