As Maria mentioned in that article earlier today, Formula One has lost of its spark, its excitement and most importantly its unpredictability. If I were to make a few recommendations to FOTA concerning racing and regulations, my emphasis would be to bring unpredictability back to Formula One.
I enjoy Knockout qualifying but I find it to be manufactured drama, especially because the times in Q3 are determined by the race fuel loads. The pole sitter almost inevitably is the lightest car on the grid. Bring back low-fuel qualifying and qualifying trim gear ratios, engine mapping and don't limit the amount of tires a team can use during the weekend.
On the technical side of the regulations, I would change the engine formula to 3.5 liters naturally aspirated, everything else is up to a teams discretion. If there were no overbearing regulations set up by the FIA, Formula One could be a test bed for new technologies and for improving others that already exist.
Also relating to the "long life" engine rule. The new championship should not have any rule like that. A constructor may build and fit as many engines as it wishes during the season. Though the rule about being sent to the back of the grid for an engine change between qualifying and the race should be kept. I find that unreliability makes racing more interesting.
Slick tires, wide track and high down-force cars, traction control and other electronic driver aids may make racing more "artificial" but I think it makes racing better too. By putting the onus of winning races not just on the drivers but on the engineering corps too. It will bring back grand prix racing as the pinnacle of engineering, not just of driving.
If all eight of the FOTA teams started a series and if teams were still limited to two cars each, 16 cars wouldn't be enough. So either teams could be allowed to run more than two cars each or clear "B" customer teams could be allowed to compete in the new series. Options could be either Alfa Romeo or Maserati as Ferrari "B" teams. NISMO racing for Renault and many others.
If the price structure was right the FOTA series could try to lure other manufacturers to compete, such as Porsche, Audi and Lamborghini. Though I realize those are all either subsidiaries or related to each other in some way.
If FOTA wants to determine their own future, they better not make the same mistakes as Mosley, Ecclestone and their organizations. All decisions should be made by a majority vote by all team principals, drivers, race organizers and even the fans. The FOTA series has to be the most open and transparent form of racing in the world.