WWE tried that once at WM X, although it was called "Falls Count Anywhere" at the time. Savage vs. Crush, whenever a pinfall happened the other guy had a 10 count to get to the ring from wherever he was pinned or else he lost.
EDIT: It sucked
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Thank you, Eddie Guerrero.
http://www.wwe.com/f/styles/photo_large/public/photo/image/2012/04/WM28_Photo_255.jpg