Check out this article about a high school event in Utah that pits their best wrestlers against each other in a small vs large school showdown. It happens during the season and is not restricted to seniors only. It would be a great attraction and college coaches would be very interested.
Of course, our KSHSAA would come up with a million reasons of why it couldn't be done. And then if it could, the beaurocracy would take several years, if not decades to ever see it happen.
http://www.sltrib.com/2003/Jan/01052003/sports/17517.asp