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We played this tonight, just 3 of us, for something to pass the time. We only bet pennies but I imagine playing for dollars would be fun.
Each hand everyone must ante $1. On the first hand this will be the entire pot. Whomever goes out first wins the pot. Whomever goes out last must put $1 into the pot for each face down card they have left. This will be added to the ante for the next round. (It may happen that no player has a facedown card left at the end which is fine) The players who go out in between don't win anything, but they don't lose anything either.
Essentially the first one out wins money, the middle people lose their ante, and the last out loses their ante plus up to $3 more.
To make the risk feel a bit more real we placed our money underneath the facedown cards so you could only "save" it after turning it over.
Hope someone finds this entertaining.