I blogged about a similar proposal earlier in the week but I suggest that they go even further.
They should also come up with two content pools -- one (the premium pool) containing YouTube channel partners who meet a much tighter criteria -- such as 10 million views and 100K subs -- and another that contains all the others. These "premium" content creators would be vetted for the nature of their content (ie: ad-friendly) and offered to the J&J, Verizon, UK Government advertisers who are presently not advertising because of the hate/racist/extremist vids their ads were appearing against.
If they properly vetted these premium channels then they could offer big-dollar advertisers placements which they know would not be on offensive content -- and attract a premium ad-rate at the same time.
I recall back when the YT Channel Partner program kicked off, earnings were good for content creators because the entire ad-revenue pie was divided amongst a much smaller number of content creators. Viewers also got a much better experience because we didn't have every man and his dog monetizing 30 second "cute cat" videos with a 30 second unskippable preroll. Advertisers also got a good deal because their ads were only being placed on channels that had proven their worth and the quality of their content by having been chosen for the program.
Once they opened the doors so that everyone could monentize, the existing channel partners saw a huge drop in earnings. Now, with the big-dollar advertisers fleeing in droves, they're probably going to see yet another drop. This is further aggravated by the bugs in YT's new system for automatically detecting and demonetizing potentially "unfriendly" vids. Lots of YT's biggest channels have had significant numbers of their vids automatically demonetized by this lame system -- so are seeing an even greater drop in revenue as a result.
Unfortunately it's YT's greed that has created the current situation so I doubt they'll wind the clock back enough to solve it.