Given the vast majority (or is it all now?) of UK football is shown on Pay TV, the TV companies probably wouldn't care one bit if it meant that the show became more compelling and thus brought in more (paying) viewers.
The single biggest beneficial change I can think of for football would be to have a full post-match video review. From that review, any player found to have conducted themselves outside the rules for any reason can then be sanctioned whether or not they were originally acted on during the game...