I really like the current style with one exception... the payout!
I think it should be like the last sets in regards to earning the money for all of the positions under you, so finishing first would net you the payouts for 12th place to 1st place combined. But once you have earned a payout you can only earn that position's prize when repeating it.
Example, on your first try you place 3rd and recieve the cumulative earnings from 12th-3rd. On your second try you place 3rd again, you only recieve the 3rd place price as you have already earned the rest. On your third try you place 1st, you earn the prizes from 1st and 2nd as you have not earned those yet. From then on you can only recieve the prize money associated with the place you finished. Make sense?
This way they can be repeatable for money and you can get the big payout we have all come to expect.