What do people actually want? Some say they want less money in the game, that players are too well paid, others that what some clubs pay then distorts the rest of the market pushing smaller clubs out of business, some don't care about salaries but are bothered that it's usually the same clubs winning everything. Too many though are happy to turn a blind eye when something benefits their club, while the authorities are either in kahoots with the moneymen or don't know what they can do, and are unable to punish the worst offenders. So any change must empower small clubs and the authorities, and bring more clarity - so action when needed is quicker and clearer. Here's what I think we should do...
Level the financial playing field, so that small club with good management can build and hold together a team able to compete. Return to sharing gate fees, but also pool and share a portion of club's commercial revenues. This respects the fact that you need two teams to have a game, and that it will be a better game if it is also more evenly matched. It also reduces the temptation for some of the small scale money grubbing activities such as signing days or charging kids to be a mascot.
Financal clarity. No contract, whether it's with a player, coach, investor, sponsor should be directly with a club. It should be with the league/FA itself and merely name the club who the league/FA is contracting on behalf of. This would enable them to readily see when a club breaks an agreed spending rule.
Punishment. There will always be rule breakers. Fines are easily affordable for billioniares and soverign states willing to pay for their trophies, and point deductions punish fans who have played no part in the decisions being punished. Taking titles away after the fact will also only upset fans. Club directors and senior staff should face bans, not just from ownership but from even setting foot into an FA approved ground. These should be lengthy, at least measured in years and a lifetime ban should be an option. Since they would be defrauding the league/FA with the point above, criminal charges and jail should also be a possibilty.
This is all clearly pie in the sky, at best the kind of system that might be implemented if we were designing a system from scratch. But if we don't know what we want, we won't be able to move toward it either - even in small steps - and right now fans and the idea of football itself are having run rings around them who do know exactly what it is that THEY want.