Very interesting idea, and I'd sign into the lovecraftian team without a second thought
I liked the Ruler+Consort idea - like Fantomen said, the pantheon shouldn't simply be a patriarchal system (while many are, I bet not all of the real world pantheons are patriarchal).
Having a general hierarchy as forced (eg. ruler+secondary ruler with titles + 2-3 gods of specific elements/emotions/forces) would probably be a good idea. One pantheon could be something like:
1. Overlord
2. Overlords insane messenger, being the god of stars. Handles most out-of-pantheon diplomacy
3-5. God of (in)sanity (Astral, blood), God of deep reaches, where devout followers throw themselves (Death, earth), God of destruction (Air, fire).
About the points system AdmiralZhao suggested - it'd be hard to track. And general guidelines would be needed to be made to succeed in it. It'd be easier if players could just title themselves in the teams, after consulting the other players about that role. There shouldn't be any forced roles, with exception of the ruler+consort+followers. Fill them as you see fit within the Pantheon.