It certainly needs a bit of a freshen up
Either make it open to just the clubs who have do not European football, so your middle of the road Premier League sides have more of an incentive to take it seriously as opposed to Man City or Liverpool's second string (who would still beat most Prem sides) winning it 9 times out of 10
Or, a bit of a curveball idea - propose to combine it with the Scottish and Welsh versions of the competition and make it a whole British cup, the French do a similar thing with the with the Coupe De France where clubs from the French colonies and dependencies are invited, a part time side from Martinique in the Caribbean ended up getting quite far and drawing Lille away last season -
Lille 12-0 Golden Lion: Martinique side make 8,000-mile round trip in French Cup