1) i think the entrances could be improve. before fighters enter the octagon they get vasoline and the ref checks he's equipment. likewise, bodybuilders could come on stage and get oiled down right there IN FRONT of the fans (god i would love this). an official could also check to make sure that the posing trunks are regulation size.
2) when the announcement is down to the final 2 competitors they should stand on either side of a ref who will raise the hand of the winner. this will make the announcement more dramatic then it currently is.
3) the winner should get a championship belt, at least for the bigger shows like the olympia