Nascar got itself into this mess for one reason only, money, money, money. They were doing just fine before they felt the need to go mainstream and try and compete with the NFL for fans.
Once they signed their huge TV contracts they no longer were able to call their own shots because now they had to answer to NBC, FOX, ESPN and whoever they took TV revenue from.
As a result we have the made for TV..."Chase for the Cup" which led to the COT. Nascar has gotten way too expensive to watch for the average fan. I remember talking to a guy who had money in Jacksonville, FL and back in 2004 he was already paying several thousand to watch both events at Daytona. He couldn't buy just tickets for the 500 he had to buy tickets for all the races and so many seats.
If I were to fix Nascar i'd dump the COT (stupid idea), return the old points system and dump The Chase and bring the sport back to it's roots. The other problem with Nascar is that it has way too many series it sanctions doing exactly the same thing and people get bored watching a Nascar version of trucks and everything else go round and round. Again this has more to do with trying to satisfy the TV networks.
I would also offer that if they they dropped the COT, the could start a new healthy war between mfgs. I remember when Dale Sr. would be pissed because his Monte Carlo wasn't as fast as the Thunderbirds etc. They need to involve the fans because the cars look the same sans decals, it's turned into a spec series.