I'm sick to the gills of pelanty competitions, but at the same time I can't see what other options are available if you don't bring back replays (which they only got rid of for International tournaments after Euro '68). There's 'Next Goal Wins' perhaps, but would the TV companies wear that?
Maybe removing a player every 2 minutes, with the possibility of it coming down to keeper v keeper? That might have some legs.

Or - as somebody on the Guardian blogs suggested - have both teams advance in the event of a draw, with a combination of players from said teams competing in the next round. France/Netherlands v Germany/Spain? Book it