It would be great if either the NCAA or the Olympics embraced a submission wrestling style. I imagine one would probably lead to other in any case.
UWW is probably closer to that mark than getting folkstyle here in the States to go back to its roots, but I feel like their grappling ruleset is basically just trying to be more like nogi bjj than any wrestling code. There simply has to be a victory condition through pin in some form (riding time would also be great).
I think something like freestyle judo would be close to ideal; you score a pin if you are past leg entanglements and hold his back down for 30~ seconds. If no pin or submission within regulation riding time points decides the winner of that round, with maybe three three minute rounds until finish or major decision.
You could refine it further to incorporate things like forceout points or bonus points for particularly advantageous positions (like leg rides, crucifix ride, leg knot, double cloverleaf [
3:00-3:40], front head lock, or outside saddle/honeyhole/411/Texas cloverleaf) which are nice to haves, but that's the basic outline which I think would work well.