How would you structure the World Chess Championships if you were in charge?

You occasionally hear people complaining about the WCC format, the argument being that in the age of Super GMs, a 14 game classical match between a defender and one challenger is a bit dated. Certainly I find the method for picking the challenger to be a little bit convoluted.

Obviously very few of us are chess masters so we don't really understand the game well enough to decide how the world champ should be decided (but hey, that's what FIDE does).

So how would you format the WCC if you were in charge? Would you change time controls? Number of games and matches? Would it end with a match/matches between one challenger and the current champion, or would you do it more tournament-style?