MLB has done a terrific job in televising the First-Year Player Draft on MLB Network and their website. It gives fans a chance to see their future players and to have the commissioner announce it rather than reading about it online or newspaper. The only thing is there is no drama, there is no Mel Kiper, and most of the time these players aren't in the Major Leagues if at all.
Allow for Draft pick trading from Round 1-5; This would add drama for team wanting to stockpile picks (ala Moneyball) and truly rebuild. We can have drama and if teams are out of the race in July (look back to All-Star Break slide) then they can trade their players for draft picks if they feel they don't like anyone from their system and pick their own player.
Slotting System: Commissioner Selig has thought about this and it could happen, Stephen Strasburg almost wasn't a Washington National due to the mastermind of the deal, Scott Boras. A slotting system would allow the players to be signed and play right away in the minors before the season is over. If you don't then we might run into these $40-$50 million contracts which would give MLB a headache like its giving the NFL.
Shortening Draft: The Draft should be 25-30 rounds not 50, thats absurd. Yes, there are minor leagues and so on but this is outrageous. It looks more like a military draft for war then anything. 25-30 is where it should be so it gets people more interested in the draft.
International Draft: I believe the International Players whether from Dominican Republic, Venezuela, Puerto Rico, Japan, or Korea should be drafted rather than be selected by a team with the most bucks. It's not fair that teams can just throw a lot of money to sign these guys and the teams with not that much resources or money can't. It would give a fair playing ground for everyone. At the same time, It allows for the early rounds to be filled with great talent and players you know you will see in the future.
Separation of International versus First-Year: If you were to separate it, have a lottery where every team would be in it and the lottery picks the team with the chance to pick a top player from the international ranks to play with their team. If thats the case have it at in the offseason during the Hot Stove Season.
Age: International Players can sign when they are 16 while high school players have to be graduating from high school. Bryce Harper had skip his final two years of high school as a 16 year old and got drafted at 17. He did this to get more money throughout his career, by doing this he has an extra couple of years in his MLB career. The way to further fix this is to have the minimum age at 16 but have the team draft the player and control his rights so he is already drafted but just playing in high school and then moves to the minor leagues after he graduates. International players would still get to help their families at the young age as well.