The title bothered me for some time, but I think I've figured out a gametype fitting the title.
It plays out like a usual Deathmatch or Team Deathmatch, but with a shorter game time. When time runs out all players are informed that:
"All player scores has been accounted for. The player with the lowest score is..."
Followed by the player with the lowest points getting killed by electrocution or an explosion (your choise).
That player is now "eliminated" and the next round begins without that player.
This continues until only one player is left and appointed "Nr.1"
Generally I based the idea on the famous Spectre meeting at the start of the movie, where the member who had failed Spectre was executed on the spot.
In keeping with the fear and paranoia, players cannot see their scores in this gametype, thus, the elimination process will put all players on edge, just like the meeting in the film.