If neither player wins more than the other, there is no World Champion, until another WC match is played again with whichever two players qualify for the next match.
What an anticlimax. And your logic´s wrong - you say "until another WC match is played ..." - what if that one´s drawn? And the one after? Ad infinitum? Sounds really exciting, and the sponsors would love it.
I have an idea for a change to the way the World Champion is determined that I think would lead to better chess, be more popular with chess fans and pros alike, is financially and logistically feasible, and would make the title of "current World Champion" more meaningful.
The idea is based on the simple notion that the World Champion should be the person who wins the most at SLOW CHESS during the WC match; if that criterion is not satisfied, there is no WC until another match occurs and somebody eventually wins under the same rules.
The match would consist solely of a certain number of games at standard time controls, let's say 16 for example, but 12 might even work. The player who wins the most games (draws have no effect) during the match is the new World Champion. If neither player wins more than the other, there is no World Champion, until another WC match is played again with whichever two players qualify for the next match. There are no rapid or bliz playoffs, and no other format for deciding on a WC when neither was able to win. If neither party wins during the match, then both are included in the next qualifier cycle, and the next match will be between whichever two people emerge from that qualifier cycle. Neither party in a match that fails to produce a winner gets any benefit other than being in the next qualifier cycle, where they have to earn the right to compete in the next match, just like all the others in the qualifier cycle.
The fact that there won't always be a WC is a feature of this proposal, not a problem. Being WC means earning the right to play for the World Championship and winning the match: if nobody wins the match, then nobody deserves to be WC.
This improves on the current format in at least the following ways:
This proposed scheme, along with the current scheme and others, depends on the integrity of the qualifying process as a means of determining the most worthy player(s) for contesting the World Championship. It is important therefore that there are improvements to the qualifying format, so that it makes it likely that only the strongest players qualify for the match, but discussions about the qualifying process are beyond the scope of this proposal, and the proposal has merit regardless of how the match participants are determined.