So who wants to see the potential teams?

[Millburn]

It would all revolve around the vendor price of the item. The number of items you're allowed to loot off someone is what would need to be decided on. You could make that one, where your most vendor valuable item drops, so you know exactly what you'll drop on death. Or that number could be 5, where a series of items drop which start at the highest value and work down, though I think there would be an interesting interplay if you made LOOTABLE items 1 and dropped items 3-5. That way there's still quite a risk of having enough items of value on you to saturate out your drop pool, which again makes it more desirable to kill people for valuable items.