If they really want to give one last shot of adrenaline to this show while it's on it's deathbed, they should do another "Comeback" season with veteran guys that people may actually recognize.
They could do 4 fighters at 4 different weight classes and do two eliminator fights for each division. Then give the 4 winners a shot at returning to the UFC for a 3 fight deal. That still equals 16 guys, and they would probably get a lot of extra drama considering the egos that would be involved with guys who feel they already deserve to be in the UFC.
Also, seeing as how guys would only potentially have 2 fights during the taping of the show, they could probably work it out where we could see a legit 3 round fight instead of the exhibition style matches they use on TUF. For the Ultimate Finale, they could have the Coaches fight be the headliner, and have the 4 winners each get their first match back in the UFC. Or, at the Finale have the winners from the show fight a guy from their division in the UFC who is about to be cut, then the winner gets to stay. That may be even more exciting.
If they did that, I may actually watch the show again. It's either that or convince Matt Hughes to come back and coach again.