If I were Max, Bernie, or whoever is gonna take control of F1 here is what I would do.
1. Price caps. Like in professional american football, put a cap on the money a F1 team can spend. If a team is caught laundering money or doing any other form of monkey business, the team will be excluded from the championship forever and a statement that publicly humiliates the team, sponsors, and drivers will procede all broadcasts for the next 5 seasons.
2. Introduce spec wings to reduce aero dependance and lower costs.
Instead of that weird, ugly split wing, just put slits in the main rear wing element.
3.Bring back big, huge slicks, to make the cars more turbulent and reduce the unforgivness of modern f1 cars, to give drivers the confidence needed for overtaking.
4.ban fuel stops in the race and introduce limitations of the amount of fuel that can be used in a weekend. This will force engineers to reduce performance to gain efficiency and make the series more realevent to modern automotive engineering problems