First off, i would need to prepare in advance by setting the event. A prelude issue where the Avengers come to the rescue of Wanda after a mob of humans attack her, thinking she is responsible for some tragedy, that was staged by some other villain. The witch hunt would show the team of how much she has suffered and much she still struggles being a mutant. The seeds of empathy and guilt take root and they try to reach out to other mutant Avengers. The X-men would have a prelude issue where Utopia has become a holy site for Cyclops' to preach about Hope and the return of the Phoenix. He gathers his own Acolytes and inspires other to belief in a mutant rebirth. Hope become more burdened with responsibility and begin to feel she has no choice. Cue the return of the Phoenix from the sun.

As the event begins, the Avengers get news from the Silver Surfer that the PF approaches and start to dread the possibilities of another Dark Phoenix after learning about the prophecies Bishop foretold. The Avengers split into three teams, one to engage the X-men, the second to find a scientific solution and the third to find a mystical solution to stop it. On the other side Hope is being mentored by mutant with great power, like Professor X, Legion, Rachel, Storm and Magneto. When both sides decide to debate the issue, on neutral ground, arguments arise out the tension between the two team. Each side brings up past offenses, like the Avengers ignorance of mutantkinds plight and the X-men's harbouring of many ex-villains. The main concern for the Avengers is another Dark Phoenix while the X-men fear their extinction but no side finds a resolution so they part ways. The Avengers try technology and magic but nothing will stop the PF so the come up with a back up plan. The X-men however anticipate a last attempt to prevent Hope from receiving the PF so they have Magik and Magneto raise Utopia to the moon. Hot in pursuit are the Avengers with their secret weapon the Scarlet Witch. As the Phoenix arrives, Hope and the X-men await in the Blue Area of the Moon but get interrupted by the Secret Avengers who create a diversion for Scarlet Witch who hexes Hope right before the Phoenix embodies and is in turn possessed by cosmic force and becomes the Scarlet Phoenix. End of Act 1.

With a newborn Phoenix too weak to fight the Avengers rally around her and protect her from the wrath of X-men. Cyclops realizing the nightmare of chaotic phoenix and small window they have at taking her out orders the extinction team to strike and battle that takes place echoes the duel on moon in the Dark Pheonix saga. Wanda awakens in her friend time of need and teleports them all away. Only to leave an even angrier Cyclops to utter, "No More Avengers". The X-men begin a witch hunt of their own using cerebra to track her and take down any Avengers standing in their way defeated easily by the X-men, while Wanda slowly masters her powers. The X-men unleash armies of Atlanteans and limbo demons to take out Avenger strongholds in New York, Wundagore, Wakanda, and Iron Fist Land (or where ever they are). Unfortunately, the media start portraying the X-men as monstrous villains as well and those reluctant to fight feel they have no choice because of the threat the Scarlet Phoenix poses.With Wolverine on the side of the X-men, the school has a mutiny and expel him as the students side with the X-men, with only a few setting out to help. With the Avengers running out of places to hide they arrive in Australian to take on the X-men in a deserted place. As the Scarlet Phoenix rises she makes quick work of the Extinction team, leaving only Storm, Magneto and Hope. Wanda and her father have a talk where he takes the blame for House of M/Decimation and when she drops her defenses to forgive him with a hug, Cyclops blasts her trying to kill her but only ends up blinding himself by her "her shield" and Hope mimics an EMP from Magneto and Storm to knock out Wanda. With the Phoenix Force stunned she finally is able to mimic the Phoenix but can only siphon half of Wanda power until she is stopped and the result is two Phoenixes. (End of Act 2.)

At last with both sides evenly matched the story finally nears it climax. Both Phoenix hosts try to out do the other but are to evenly matched thanks to Hope mirroring all of Wanda's powers. As the X-men and Avengers try to intervene to give one Phoenix the upper hand the chaos they create destroys the land. When their power clashes and in the cross fire they take out their teams do they both deice to revive their friend but in that act of good will are transported to the White Hot Room. There, the Phoenix of the Crown (Jean) schools them about absolute power and the wisdom to wield it, she tells them the true origin of Hopes. With a lot of dialogue and flashbacks we all learn Hope is actually the Phoenix in human form. Wanda ask for forgiveness from Jean and entrusts Hope with the rest of her power and disappears (she now has the strength to control her chaos magic and use it for good). With Hope finally at home in the White Hot Room and with all her omnipresence returned she asks Jean if she would like to return now. Jean smiles and Hope goes all White Phoenix. Back on Earth, Wanda returns in flash of light, followed by Jean in Hope's body. Wanda comforts the reborn Jean. Cyclops now blinded, asks Jean if she remembers the first time they met and she replies. He verifies her return and the X-men go to embrace her. The White Phoenix appears above, healing the hurt and restoring the land with her power. She tells them she has always been Hope and that she was born to give mutants a rebirth because Jean willed it to be. As she says her final words she asks those gathered to come together and fight for peace. She disappears in a flash and all over the world mutants start reappearing on Cerebra. Jean tells everyone that the Phoenix is gone to renew life in the universe and she can finally be herself again. But she and all the new mutants in the world will need protecting. The Avengers, represented by Captain Marvel, pledge to defend the right of the mutants and join forces with the X-men. Storm, now leading the X-men, accepts. They form the X-Avengers. The have a party to celebrate their new team. Happy ever after. (End of Event.)