The "AM" format is for the two contestants to play two rounds, with the winner staying on and facing the next challenger. The "PM" format is for the two contestants to play three rounds, with each game being two new contestants.
We don't have an "Audience Match" bonus round because I've never collected enough surveys to have a meaningful set of "most popular" answers. Besides, we never have any money to give away, only prizes.
I can see us playing between three and five AM-style rounds. An advantage of the AM format is that it turns games over faster. PM format gives more people a chance to play. A hybrid would be to use the AM format but have two new contestants each game, which combines both elements.
One other possibility would be a "tournament" format, but to do that, you'd need to be know you'd have time for seven games (four first round, two semi-finals, one final).
I understand the real show filmed five shows a day, with three before lunch and two after lunch. The cast tended to drink a lot during lunch, which meant that the Thursday and Friday shows were likely to have the funnier answers. We won't have that, but because we won't play the audience match or super match, we can play more games in the same amount of time.