Hate making tl;dr posts but this will proll end up one.
First off get rid of Hogan and the Bischoffs. Yeah, I know, thats such a stereotypical IWC mark answer, but it's true. Hogan has looked out of place in the rinky dink TNA arenas since day 1. He's the biggest star in wrestling history and needs all the WWE's fancy production to make him look good now. Said it for ages, WWE is the only company that knows how to use him. Short feuds, big names. As for Bischoff, well the GM/authority figure in wrestling is a played out role. Doesn't help that TNA has about 50 of these 'authority figure' characters at one time. Dixie, Sting, Hogan and Bisch. Who is actually running the show in kayfabe now?
It's disgusting how they threw away their tag division. Fair enough, some things were out of their control, ie; MCMG getting injured, needing to push Roode/Storm towards the World title, plus splitting up Team 3D has been one of the best moves in recent memory. But still, it's no better than the WWE's tag division now, which is a shame. Build that shit back up.
Cut the deadwood like Elijah Burke, who was never a star and never will be. Make room for a couple of signings, the names are obvious, usual suspects and all.
Bring back Vince Russo. At least when TNA was shit with him in charge, it was comically bad, not wanting to kill myself from depression watching it like it is now. Needs a shot of life injected into the storylines, everything seems so bland and serious like ROH. "grrrr you have my title I want revenge".