In the 23 seasons to the start of the PL, 23 clubs finished in the top 5 with only the RS being in the top 5 on more than 12 occasions. Over the last 23 years, only 10 clubs have got into the top 5 with 5 clubs doing it at least 17 times. A good indicator of the lack of competition.
To restore competition I would:-
Restore the pre-PL rule that home clubs give the away club 20% gate money and a further 4% goes to EFL.
No club should feature in live broadcasts more than say 2.5 times more than any other club. So, if say Hull feature in 8 live broadcasts, Man Utd / RS / Arse can feature no more than 20 times.
Reduce the number of subs allowed to no more than 2 from 5
Reduce squad size to 24 excluding U21 players
No transfers of any player up to age 21
Maximum number of players aged 18-21 set at 15
No more than 5 under 21s allowed out on loan
The restoration of a proper reserve league, which admittedly would not necessarily make the league more competitive but would raise the standard of youngsters coming through. The league would have no more than 6 U21s allowed per team in any game to ensure the best youngsters play competitive games against fully grown men.

I have thought none of this through