1) Bring back the old guard from the 90's - early 2000's that knew how to put on a decent show. The camera work was awful this year especially.
2) Get rid of Cicherillo. He's feeling himself too much during the announcing. He's not a comic, and he falls flat more times than not.
3) Get more guys actually involved in the sport of bodybuilding involved. Pay Kai, Priest, etc.... to come out and be ambassadors for the thing.
4) Also make sure they know the competitors names, some history, etc....
5) Have a translator for the foreigners.
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If that fails, then just sell the thing off to people that might want it. Let it be the Arnold Classic West / Mr. Olympia or "Dwayne Johnson Entertainment in conjunction with AMI present the Mr. Olympia".