That is the same setup as used in swiss system tournaments. Assuming eight seeded players, in rank the pairings will be 1-5, 6-2, 3-7, and 8-4. This assumes some advantage to the first named player/team like white pieces or first serve and a coin toss could reverse all pairings.
In chess, the lowest rated (ranked/seeded) player would get a bye in case of a dropout or there are an odd number of competitors. Assuming seven players (or eight with a dropout and the rest renumbered) and six and seven were unrated (unranked/unseeded), then five would get the bye. Pairings would be 1-4, 6-2, 3-7, and 5 with a bye.
HTH