Most obvious thing would be moving to CMT. Maybe adding some other programming around the Bellator brand. Like a weekly MMA show, maybe Top 10 KO type weekly shows, etc. etc.
Would be nice if they worked out a deal with someone else to broadcast there "tent pole" events. I think it would secure Bellator's future longer if someone is willing to pay decent money yearly for like 8 events. Because its obvious Viacom can't figure it out after 4 years on what to do with the roster to improve ratings.
P.S.: Let's not forget how many land mark history making announcements have been promised in the world of MMA only to turn out to be so-so news in the end for most fans.