I think the show still has potential to be great because Drag Queens are endlessly entertaining, but I think the key to returning the show to greatness is acknowledging the ways in which last season was just god.fucking.awful. I know Drag Race is kind of the darling of the gay community and we all love drag queens, and so sometimes it's hard to criticize it, but I think the dust has settled enough on last season to be honest about it: it fucking sucked, and largely because of a lot of new changes they made.
--Way too many acting challenges.
--Way too many group challenges in general.
--Too much focus on manufactured "storylines"
--Amateurish use of confessional footage. (Producers, maybe record a few more confessionals next season? Because last season it was became REALLY obvious when you were using confessional footage that was completely unrelated to what was actually happening in the episode).
--Dialing back on the cattiness (Sorry Ru, I know you hate seeing your girls not getting along, but this is a huge part of the reason people watch the show. Get over it.)
--Trying to make the show serious in ways that it doesn't need to be. (Basically, go back to the old Untucked. We can talk about how the new format is more "real" or whatever, but at the end of the day it just wasn't fun to watch.)
Address those things, and I think the show could be great again.