Why exactly do most people want the system changed?
The way I see it, the ELO system is very very effective and accurate where points are concerned, but some people are only bothered by the fact it's too hard to make the Playoffs because of losing too many points even though your win % is really good, and some people just don't like losing alot of points regardless of Playoffs.
Can't you just change the requirements for reaching Playoffs? Instead of basing it on points, base it on Games played and % alone:
70 games - 65% of games won.
This way, it will be the players who are in best form that will make it to the Playoffs, you might be thinking, what if 20 players or more qualify how can you decide who makes the cut? Easy, just select in order the players who have played the most games with the highest win percentage.
You also might be thinking, what if someone just noob bashes their way to the Playoffs to get a high % of wins, again the answer is quite simple, just pass a rule they must play a variety of good players within their games played for that Season, I think the ea community is responsible and professional enough to decide how to handle that, perhaps even having respected and responsible Players we can trust decide for us and judge, I would chose from SPW, Franz, Random00, Mir, Free, and Mablak, we should be professional enough to implement some form of moderating noob bashers like this, I think a system like this could really be the answer.
I honestly believe it doesn't matter what point system we use, the problem to make Playoffs will always be part of Leagues on WA due to the vast difference of skill levels and good players stuck in the middle or close to the top, but not close enough to qualify with Overall because they keep losing the odd game to players with bad ratings.
People will still want to try and be in the "Top 10" Overall, so winning points is still an important part for Overall, while making Seasonal (basically only for Playoffs anyway) focus on players who actually deserve to be in the Playoffs.
I've been thinking about this idea for a few days now, and I actually think this could be the solution we have all been waiting for.