It doesn't really feel right with me that to become "The One", you only have to beat one fight. Oh right, it's because of Multiplayer.
Well, if it wasn't for multiplayer I would make auggestion: To become the Arena champion, there should be two fights - a solo fight and the team fight. Beat both and you're The One. The experience could be split in half between the fights if absolutely necessary (I think full XP for both fights could be fine though).
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I cleared the way for the Seekers to escape, and then they took the boat without even a "Hey, want to come with us?"
"No thanks, I'll just go fight the most powerful warrior on the island all on my own."