At last, an AC topic that's fun

Here's my take:
First, the statement of requirements:
1. The boat should be something that ordinary sailors, including radio sailors, can relate to. Forget the Facebook crowd, they will never have the attention span required to appreciate what's going on.
2. The boat should be challenging to sail in a way that requires high end traditional sailing skills of sail handling, sail trim, helm, and match race tactics and it should be unforgiving of error. Spectators with even a nodding acquaintance with sailing should be able to recognize that these boats are operating at the hairy edge of broach or capsize but the risk to the crew should be no more than what is accepted today for high-performance monohulls.
3. Costs should be contained (somehow).
4. Ingenuity should be rewarded.
5. There should be a nationality requirement of some sort, no more "my Kiwis are faster than your Kiwis."
6. It should not be necessary to modify the Deed of Gift (44 ft minimum LWL).
So what would I do? I'd do a big scow, something like an oversized Sonder boat. I'd have a design team design, and a designated manufacturer make, a standard canoe body shell to avoid a hull design race and get the cost advantages of production.
The rule would then be:
Use the standard shell such that the boat without crew floats on a minimum waterline of 44 feet. Scantlings, rig, sail area and appendages are up to you. Any element of any appendage that is wider than any element above it shall be made of a material at least 95% the density of lead. (Forbid foils, allow bulbs).
Soft sails only, rig elements must fit within some maximum diameter circle. (No "that's not a wing, that's my mast. The handkerchief on the back is the sail.)
No stored power of any kind except for devices provided by the organizers to support media coverage. (That's right, you're going to have to find the marks the old-fashioned way).
Maximum crew of six. Any crewmember who touches the helm at any time after entering the start box must have been a member of the Olympic sailing team for the country whose flag the boat flies. The only exception to this rule is when the boat withdraws, either voluntarily or involuntarily as the result of a capsize. (Let the Olympic guys sort out the "who's an XXX" stuff, and give the Olympians a shot at the high-paying jobs).
Properly fiddled with, this rule could face teams with some interesting tradeoff decisions, and to me tradeoffs are the essence and fascination of sailing. And could be fun to watch if you study the old pictures of the Sonders: sailing on your ear to windward, performing while wet and miserable, surfing or planing downwind while getting the fillings pounded out of your teeth, minimum chance of a horizon job. Race on SF Bay whatever the conditions, you're sailors, not hothouse flowers.
Cheers,
Earl