The suggestion I've seen bandied around that intrigues me is the one based solely on greatly increasing nominations. Nothing else really changes.
Under this new plan, a $40 supporting membership would buy you a LIFETIME of nomination rights. To get the voter pack and to vote, you still need to pay for a membership that year.
The full explanation and rationale:
https://storify.com/jdiddyesquire/my-hugo-proposal