If they wanted to do it properly the rules should be simple. Do a strictly enforced budget cap of say $150-250m for all costs relating to the car itself including R&D, parts, maintanence etc, have some way of making a minimum driver + ballast or no ballast for heavier drivers weight 75kg, bring back V10s, keep KERS but more like last year's system without brake harvesting & no brake-by-wire, no DRS, no fuel flow limits, max fuel somewhere between 150-200kg, you can use whichever tires whenever you want (say max 15-20 sets over a weekend as only rule), leave aero restrictions similar to now except without the stupid low nose and allow teams to make the rear wing wider. No blown diffusers either which I'm glad they got rid of. That would be great F1 imo. They should also bring back more gravel traps in place of all the concrete run offs in the modern tracks. Tires shouldn't have such steep performance drop off like the current ones and should perform better in general and there should be 4 different compounds available besides wets i.e. super soft (quali only), soft, medium and hard.