Maybe in the fanfiction, the tournament organizers decide to add a team - based element to the tournament. Saitama accidentally gets paired with some of the more comical and weaker heroes like King (who is really just a video game addict but has a reputation for being super strong). They have to figure out how to work together, and King uses his strategic gaming knowledge to help their team progress in the tournament. Along the way, they face off against a team of villains who have their own unique powers and strategies.
A cool plot could be that the tournament is not just about physical strength but also about mental and moral strength. The heroes are faced with moral dilemmas during the battles. For instance, they might have to choose between winning a match by using a dirty tactic or losing honorably. Saitama, being Saitama, doesn't really care about the rules in the traditional sense. He just wants to have a good fight. His attitude towards these moral challenges then starts to influence the other heroes in the tournament, leading to some interesting character developments.
One possible plot could be that a new and extremely powerful villain emerges who is not impressed by Saitama's one - punch ability at first. This villain manipulates the rules of the tournament to his advantage, creating unfair match - ups for the heroes. The heroes then have to find a way to overcome these obstacles while also dealing with their own rivalries and personal growth. For example, Genos could be paired against a much stronger opponent early on, and in the process of trying to defeat this foe, he discovers a new power - up within himself.