Honestly, I dont think it matters what they do at this point. The player bases as already shrunk and come this fall when all the heavy hitters come, this game will pretty much be dead. Sure, the hardcore Halo fans will still play. However, most of the player base will have moved on to whatever is next. Arena will just be filled with nothing but parties and the hardcore type. Warzone will fare a little better since its pretty much the only casual mode in the game and still you go up against parties.
So there are only really a couple of options here:
Going F2P, they already did a number of significant price cuts for it, so everyone that wanted the game probably has it by now. So make the multiplayer at least F2P and get money from the Req packs. If you want the campaign you can pay like $20 or something.
Some type of significant expansion needs to come out if you want to keep a player base. People start to leave if there is nothing new. So no more monthly updates are going to hurt. Monthly updates is one reason why I believe Halo 5 retained its pop as long as it did. There was always something new and the end of the month you could look forward to.
Personally, there are a number of things that killed the game for me:
1) Matchmaking is the big one; constantly going against parties, leavers, and just bad mm in general. I can take subpar maps and I can take the lack of game modes. However, what I cant take is being fucking smashed every game going against non-stop parties.
2) The lack of a social playlist and game modes; we never got true social playlists. Unranked games pretty much use the same system they just hid the rank so people think its social (If this isnt true then how come there are people that had Champion on things like Rocket Rumble).
3) No fucking reason to play. Whats the point of trying to do decent in arena when your rank gets reset and everyone gets the same rewards (its a really shitty reward to; its just the same emblem reused every month, what a joke). How about getting to max SR? No thanks, takes a ridiculous amount of time and all you get is an emblem. At least in Reach you had cool ranks such as Nova, Legend, Hero, and etc. Here you are just SR XXX, nobody gives a shit. Once I left the SC, I felt no reason to play. Achilles grind was one of the only things keeping me.
4) Horrible playlist management and just management in general. Sure, it improved significantly over launch; however most of this should have been there at launch to begin with.
There are a lot more reasons, but I dont feel like ranting and writing an essay about this. Plus everyone here knows the issues this game has so I dont see the point of constantly repeating myself. Halo 5 is a good game, one of the best Halos when it comes to gameplay. However, in my view, poor management pretty much killed it.