Kick Wasps out, let Cov Rugby in then ring-fence
Anyway, people might hate this, I'm not convinced but its more feasible than some. Call it conferences if you will...
Premiership 1 & 2 of 8 teams each (games played home and away). Division 2 Ring-fenced. Bottom two and top two are promoted/relegated. All comes under premiership banner so funding equal across both leagues. Equal TV coverage for league games. Cup games on terrestrial TV or free to air.
This spreads the quality across more teams, and there is less pressure on a team getting relegated from '1' as the quality in '2' is still high enough to develop your team/squad. My added teams are debatable but potentially are the 4 biggest teams outside the current prem.
Get rid of Anglo-Welsh and have a Premiership Cup of the 16 teams. Home ties in the 16 team round goes to the Div 2 team.
Division 1 top 6 qualify for European Cup. Relegated and promoted teams + 3rd and 4th in Div 2 qualify for Challenge Cup. 4-8 in Division 2 get rest weekends on European weeks.
Premiership 1
Saracens
Exeter
Bath
Leicester
Harlequins
Gloucester
Wasps
Northampton
Premiership 2
Sale
Bristol
Newcastle
Worcester
London Irish
Coventry (biased, but historically big, potential large fan base, best attendances outside prem)
Cornwall (Lets get the far SW involved, Rugby is huge in Cornwall)
Yorkshire Carnegie (Wanted to get Yorkshire involved, Northerners etc)
14 league games a season. 4 max Cup games. And as many in Europe as it is.
A development league (U23s) of the same teams (but 1 division of 16 teams) runs underneath this for youth and players coming back from injury (max of 3 over 23 in matchday squad) played home or away on alternating years so 15 league games a season.
Amateur (or Semi-Pro) teams from below these divisions can apply to join in the future, a maximum of 10 teams per division in the future, but has to be approved by all members, and prove their financially stability (without being bank-rolled) and support potential.
Hopefully it will remove the stigma of relegation, and the financial issues of being relegated as it currently stands. Teams are always of a high level and have plenty of chance to improve. Players get more rest. Quality always high. Hopefully.