There are a number of mechanisms that one could use--the Vanier scholarships, for example, or through the granting councils we have.
Frankly, I think the granting councils are probably the best bet. They already have processes in place for peer-reviewed, excellence-based. The Vanier scholarships were a tremendous new innovation, but they're pegged at a different level.
So I don't think the mechanism of delivery of the program would have to be new at all.