Hello Fellow Members of PMC! :)
So, this topic just recently sprung into me and my friends head. It lead into some deep conversation about 'What if Minecraft had sleep deprivation?'
So today I'm going to be talking about my thoughts on if this should be a future implement to the game, and how it would effect the game.
Lets get started shall we...?

Sleep Deprivation:
Spawning in your new world, everything's fine. You realise you are inside a forest biome, so you decide to punch down a few trees, collect essentials such as wood, cobblestone, tools, etc. You decide you need to go hunting for food, and perhaps find sheep along the way for the wool to craft a bed. As you venture on, you notice a flock of cows. You slash your sword as you brutally watch the cows die in agony and pain. You pick up there raw guts and beef and move on. As you notice a flock of sheep, you kill them for the vital essential of wool, for a bed.
The day passed, your house was almost complete. Just working on the roof. It was quite a small house, but good enough for the first night. You let out a soft yelp as you yawn-wait what? Yawning? But... this is minecraft....
You start to feel a little tired. Your screen goes a little foggy. and you feel a little dizzy. You craft your bed in a dash, and fall asleep. You wake up to be completely fine.
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That was my short narrative on a second-person POV

How does this work?
So, if you didn't quite understand, what Im saying is that after a day (about 12 minutes) you started to get tired. Your screen becomes a little blurry, and you are slightly dizzy as well. After 3 or so days without sleep, your body will shut down and you will fall to the ground and die. The more you carry on without sleep, the slower the player gets etc.

Aww, what if I don't to play with this?
Don't worry, if it turns out to be an actual future implement, I assure you that they would make it only available in Hardcore mode, or a world option.