I'd love to see the Diva name removed. It is just so tied with pathetic eye candy now. Calling them Women wrestlers or female wrestlers is fine. TNA's use of Knockouts is exceptionally good with the double meaning.
Next, I'd get rid of about 8 of them, while hiring ones that can actually wrestle from Shimmer (and maybe Wrestlicious... if any of them can wrestle have yet to make it through a full episode without becoming ill.) Even FCW/NXT 3 has possibilities. Naomi looks like she can wrestle, not that the show even bothers having wrestling matches any more.
I'd try and get some respect by giving them actual last names. How many Divas has WWE had over the years that you can name, but don't know the character's last name? Going back to Chyna, Lita, and even earlier up to nowadays, it seems more than half of them aren't even given a full name. That shows how little they are respected.
Next, I'd give them actual matches that last more than 2 minutes, and have them wrestle. And set up storylines rather than say oh, who hasn't been champ in more than 10 months? Fine they are number 1 contenders, now flip a coin to see if they win the title.
And those that remain would be given the ultimatum, perform well or be replaced. (Actually Vince seems to already give them that ultimatum, however it doesn't extend to any area that would be televised)