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Certain
First off, I would highly recommend that you NOT stop the season at this point. Based on the number of sign ups this week, along with the current pool of competitors, you still have enough here to continue letting the season run. While the no shows have been atrocious and this week was one of the worst in terms of just 3 match ups opened, things will remain strong. In season 1 of the AOWL, there were a few weeks (like 2-3) where there were a lot of no shows & voting slacked badly. Even so, everything picked up. I did bend the rules a lot though, and while it had its negatives, there positives were plentiful. I wouldn't say bend the rules much, because the first year of the league I was heavily experimenting with different ideas, but you can make some adjustments as necessary to keep things spicy.
An incorporation of a ranking system would be dope. You can sticky it and update it weekly as match ups are completed. This makes for great competition and even may drive competitors to want to have their names up there. You can incorporate this system to determine playoff seeding/positions. As Adonis has mentioned, the system you use to set up battles is okay, but maybe you can change it up to allow more flexibility and create more match up opportunities instead of similar records always going at it. New signees can face off against new signees.
If you want assistance in regards to putting together a new system, let me know. Im sure you and Mike can get it all together. Maybe incorporate something new in a week or two, for now get all ideas planned and together. Let the league run it's course in the mean time with what you got.