Heck, if I recall my history (I'm old but not that old) the first bonfires were little more than piles of discarded wood, lumber, whatever folks could scrounge.
If you live long enough, everything goes full circle.
Instead of some behemoth construction project, why not dig a crater, have folks tossed wood, pallets, boxes, lumber, used furniture...you name it....into the pit, douse it with some jet A, and then let the yell leaders throw a match to it.
Makes sense to me.
No, it isn't your dad's (or mom's) bonfire. But the trial lawyers et al have pretty much killed that for all eternity.
Whatever is done is going to have to be, if not totally risk-free, at least reasonably free of the likelihood that someone could get killed or maimed. It is going to have to be cheap.
Digging up a polo field with a shovel is not all that risky a proposition, as long as folks ensure there are no buried gas pipelines, telephone lines, or electrical wires underneath.
After the festivities....well, you just bring in the dozers and fill it back in. Then you can dig it back up the next year.
Go for it. The pit of fire is a great idea, with or without eh burning bevos (I prefer it without, personally).
Johnny Cash sang about a ring of fire. Jerry Lee Lewis popularized great balls of fire (when not marrying a rather youngish first cousin).
A great big petroleum distillate enhanced fire in the ground is a terrific idea.