We did this already, Elliot, didn't we? I call it X-Force. ;D
There's so much wrong with the X-Men right now that it's unbelievable. It would take years even to begin to fix all the damage that's been done to these titles over the past decade or so. So many characters have been ruined due to bad writing and stupid retcons that I'm not even sure I would know where to start.
Primarily, though, M-Day has to be reversed once and for all. Among the many incredibly stupid ideas that Quesada has inflicted on the Marvel Universe, this is one of the singular worst. Not only did it undo one of the few positive aspects to Grant Morrison's run (that is, the idea of a growing global mutant community), but it actually reduces the credibility of the idea of a mutant menace. Worse, it undermined and damaged a lot of characters by stripping away their very concept.
I would ideally begin with a miniseries that addresses the worst problems with the X-Men, reverses M-Day, and sets up the new status quo. From there, I would want a few select titles, each with a distinct direction, cast, and purpose. As things stand now, I would cancel Astonishing X-Men once Joss Whedon's run is over, too... two X-Men books are workable, but three is simply too much. As things are now, two books get the big characters, with the third book ending up with the leftovers. All of this needs to change.
Following this, assuming that Civil War hasn't been undone, I would want the X-Men to oppose the Registration Act and the Initiative. Frankly, it makes absolutely zero sense for the X-Men to even be neutral in this. The Registration Act is what the X-Men exist to oppose... they above all other people should fear what the act represents. Besides, a huge conflict between the restored mutant community and the Initiative could make for quite an interesting story.
Oh, and I would insist that Wolverine appearances be drastically cut back. One X-Men book and one solo title. That's it. That means, he's out of the Avengers. (Which he should never have joined to begin with.) I would also cancel Wolverine: Origins, as it serves absolutely no purpose whatsoever. The odd guest appearance is fine, but he needs a serious rest. Oh, and Wolverine goes back to the brown-and-tan costume.
Here is generally how my line would look like...
Uncanny X-Men: The flagship title, and the "traditional" X-Men book, along the lines of what Astonishing is now. I'd want this book to have a cast along the lines of Astonishing, with a few minor changes (such as including Illyana and Nightcrawler), but that's generally the approach.
X-Men: I'd leave this one alone substantively, I think. I'd keep Mike Carey, as he seems to be doing fine as writer from all accounts. I'd dump Bachalo and Ramos as artists, though, and put a first-rate artist on this book. There is absolutely no excuse for a core X-Men title to have art this bad. Also, with the character pool changed, Carey would have access to some of the top-tier characters.
Wolverine: This book needs serious help, and has for years. Firstly, it needs a stable and top-tier creative team. Secondly, it needs a direction beyond raking in sales. This series should be about Wolverine doing all the dirty business that he doesn't want the X-Men involved in. (In other words, making the world safe for mutantkind by killing a lot of very bad people.
) Additionally, I would want Wolverine to go back to his 80's "fallen samurai" portrayal, where he could be beaten up and nearly killed, and was in constant conflict with his animal nature.
X-Factor: No change in overall direction, creative team, or cast, though I would ask that a few continuity issues be cleared up. This book is actually doing it right for the most part, so I'd leave it be.
Cable & Deadpool: Mostly I leave it be, except for one thing. Bringing Cable into the X-Men seriously damaged this book, especially when Cable's not even in it much these days. The crossover didn't help it much either. The antics of Deadpool are fine in themselves, but the point of this book is the conflicted friendship between Wade and Nathan. Wade should be reacting to Cable's efforts to create his utopian vision. Cable's out of the X-Men for two reasons, though... the first, because this should be his solo book in practice, with the second being...
X-Force: Because the concept and characters are too good not to be given a decent chance. Preferably with Fabian Nicieza writing this.
Exiles: It's a solid, consistent title in terms of sales, and does have a direction interesting enough to justify keeping it. It needs reworking some, and a creative team that can jumpstart the book, but otherwise it's fine as is.
New X-Men: I'd go for more drastic changes here. There needs to be a "mutant school" series, at any rate, since that's a key part of who the X-Men are. I'd probably change a good portion of the cast, ditch the creative team (sorry, Kyle & Yost aren't doing it for me), and start over, probably with a different title.
That's it. I might allow for Ultimate X-Men... but if I did, I'd want it restarted from scratch, as Millar's version was terrible and completely broke from who the characters should be, IMO. In any case, the rest are cancelled. Though I must admit, it was a pain just to pare the whole line down to eight books.
It's a start, anyway. ;D