How about a Perimeter Rule of, perhaps, 57 meters.
What would be measured within this rule are:
1.) Beam,
2.) Length, and
3.) Air Draft (distance from lowest point of the deepest appendage to the highest point of the sail).
That would be it.
Quite simple, but with a lot of room for creativity.
Most likely you would end up with foiling catamarans that are around 20 meters long.
The existing Deed of Gift has something similar, with a minimum waterline length of 44 ft, maximum waterline length of 90 ft (for vessels with a single mast), maximum depth of 20 ft, and no restrictions on the design of centerboards or sliding keels.
The most recent time boats were raced to this box rule was in 2010, and the time before that was 1988, so the wide-open box rule approach hasn't proven to be very popular.
Most clubs don't want to encourage a great deal of creativity, because that is believed to be expensive and it increases the risk of getting it so wrong that no amount of skill on the part of the crew can make the boat competitive. They prefer a design rule that constrains the potential differences in speeds between the boats, making for closer racing and more spectator interest.
It's often believed this also minimizes the cost of developing the boats, because an expensive development program will yield only modest returns. However, the experience has been that if the resources are available, they will be expended in the attempt to obtain even a small competitive edge. Since, "there is no second place," close racing simply magnifies the importance of small differences in obtaining a binary result.
It's fascinating to read the
Lawson History of the America's Cup, written in 1902, to see how the same issues that are being discussed now are the same ones that roiled the waters in the first 50 years of Cup matches. One only has to read the challenger's accusations in the Dunraven Affair to get an appreciation of the accusations of conspiracy in today's rudder-gate controversy. And today's Coast Guard permits had their origin in the special act of Congress passed in 1896, giving the Secretary of the Treasury authority to use revenue cutters to control spectator boats at regattas.
Indeed, Valkerie II sank, and suffered the death of a crewman, on July 5, 1894 after the cutter Satanita luffed to avoid a foundered spectating rowboat and collided with Valkerie II in a regatta in Scotland. This led Lord Dunraven to threaten to refuse to race Valkerie III in an America's Cup race on the grounds of safety, unless the NYYC took steps to restrain the spectator fleet. So even today's situation, with a fatal accident aboard a potential challenger leading to controversies about safety and threats of racing boycotts, are echos of historical events.
The America's Cup will survive the current troubles, and interest in the future will be all the stronger for it. It may take a couple of regattas to sort out the radical changes needed to adapt the Cup to 21st century technology, but I've no doubt that sort it they will.