No I'm not some animal lover(mythical creature lover), I just think it would be more interesting if your teams goal was to set the megalops free from his chains, so he could kill the other team, here's how it would go.
The match is played regularly the way it's played now, but when the spear of olympus comes down, it is used for going to different parts of the map and cutting his chains, this adds a real fear of being embarassed, and being owned, and gives players more to fight for.
At the end when the megalops is set free a cinematic comes up where he is rising from his prison and he squashes the losing team with his palms as they run in fear, almost in a Shadow of The Colossus type of way. He will not attack the winning team because they hold the dangerous spear of olympus, and he just walks away into the sunset like a giant RYU afterwards.
It feels like killing him is more rewarding as he is a special character. But that's just me, freeing him and seeing him kill the losing team feels kind of generic and it won't be as flashy.