VS should really get back to their roots, switch over from CBS or something. People will watch if the show is good, they don't have to resort to crazy antics to lure people in. Have great models and working supers from the past return(KK, Heidi, Tyra, Gisele(if possible), Naomi, Carmen, Angela, Laeticia, Raquel, Liya, Eva, Fernanda, Oluchi, Ana B B), combined with the top models of now that actually fit(Joan, Candice, Adriana, Alessandra, Doutzen, Miranda, Lara, Rosie, Constance, Iselin, Hilary, Isabeli, Natasha, Bianca, Izabel, Karmen, Toni, Magdalena, Edita, Eniko, Jourdan, Maryna, Cintia, etc.)
They spend $12 million on the theatrics and performers, that money can be used towards getting a great cast. Combine that with a new location like Paris/London, somewhere new, and actual lingerie, not party city costumes, but some good outfits and an amazing soundtrack can lead to an amazing show. The ratings dipped in 06 because that show seemed too washed up, starting getting corny with that year, especially the whole Hollywood esque atmosphere/PINK promotion, and plus the fact that the great models of the past like Naomi/Tyra did not walk that year. Now its all a concert with models being extras, they don't have any major faces so they resort to theatrics to lure the audience.