first of all, get rid of some dead weight... they already fired the Nasties and Kong, so done deal. then Kendrick=bye, Homicide=adios, Hall and Waltman (when their storyline comes to a closure)=ciao, Orlando, we'll have to see how does he manage to put his RuPaul character over lol, if he doesnt=boot...
keep Hogan strictly as an authority role, Bischoff as a heel CEO, Flair on an offscreen role helping young guys in character development...
put some of the legends (that can still wrestle) like Angle, RVD, Nash, Sting and Jarrett as ocassional wrestlers (only for PPV matches, with a good build up).
push Joe as the top face, repackage him on a shootfighter gimmick (a la Shamrock) with some of his real personality (show him in segments training MMA style, and others playing with the Xbox). then Pope and Hernandez as the other 2 main event faces, along already stablished Jeff Hardy.
definitively Anderson is the new TNAs future top heel, made that point, i'd change his theme song, as it doesnt sound too heelish to me, then the other main event heels should be Morgan, Wolfe (you can like him, hate him, but you cant ignore him) and a repackaged Abyss without the mask and some glimpses of the Undertaker's biker persona.
add a hardcore title, TNa already has ECW legends like Raven, the Dudleys, Rhino and Stevie, maybe bringing in some brawlers like Necro Butcher, Trent Acid and some Juggallo guys would be great. also a Hardcore title is a good way to show you're the TV-14 alternative to WWEs shitfest
a solid midcard, without it how would you wait for the main event? and TNA has the best midcard talent: Young, Storm, Roode, Daniels, Kaz, the Machineguns, the Brits, even Rob Terry can bring it.
put AJ back in the X Division, that's a great way to push it, when you say Xdivision most people thinks AJ, and that would be a great way to push the belt back to an upper mid card level and help the other guys in the division to get noticed. also, i never saw Styles as world champion material, but well, Russo actually does.
then give the Global title more credibility and establish both belts (X and Global) to be at the same level for their respective divisions.
bring in some ROH guys, there's a talent pool working for a glorified indie with an awful booking. some guys could be great in the new storyline-oriented TNA, as they have good reliable characters. Cabana's the ultimate comedy face, the Briscoes could be great and form an alliance with ODB (the 3 toghteter will get over quickly as faces), Steen could play an awesome Canuck heel... then some Mexican and Japanesse guys...
since both Global and Xdiv should be uppermid belts, a TV title could be great, but being a TV title doesnt mean it cant be defended on PPVs...
bringing in Nathan Jones and pair him with Tomko to make some sort of bounty-hitmans tag team (APA, Kronik)
obviously move them away from that fucking studio in Orlando and away from the Virgin Crew, take TNA on the road, starting in small arenas, advertising the hell out of every show.
make a TNA Magazine, even ECW had one.
push the envelope a little more, bring some storylines into a more darker teritory, keep the comedy too (some raunchy humor and some inside jokes too), exploit the fact that TNa has women who can wrestle and are hot as hell, so make them wrestle with much lesser clothes but keeping the match quality, maybe some backstage skits with TBP, Angelina or Daffney showing nudity (ratings!), which also will make some shows get the TV-MA label, but who cares about the label? people will watch anyways..
keep the line of personal storylines, adding some emotion to the product,make the feuds last at least a third of the year (major feuds could take a whole year).
and well that's what im thinking by now