After scouring the net for tournament analysis I found a shortened double elimination format that claims shorter running times and balanced amount of games per player. It is also asymetric, which usually is a nono in creating an unbiased tournament structure.
I whipped up an excel spreadsheet to test the final finishing positions and potential players who could be at a position to check it out.

With the format given, a perfectly seeded 5th place is biased against as he exits one round before he should have, giving 6th place the spot. I fiddled around with the seedings to produce 2 more seeding patterns, one to give 2nd the largest advantage when they eventually drop to the loser's bracket, and one that gives 5th place back to 5th while keeping all other in the right finishing position, and maintaining the maximum seeded matchup spread.

Gah! looks like you can't load up files onto blogspot :/