I know a lot of people dog Jose Sulaiman, but he has been instrumental in shaping modern boxing, both the bad AND a lot of the good.
But here's an idea I've heard him mention before, and it looks as if they're giving it some thought (from a press release on 'genericandmostlydullboxingnewssite.com'):
A summit is proposed for the 2009 WBC convention in Jeju Island, South Korea concerning a proposed Universal champion. Under the idea of José Sulaimán, the organizations of the WBC, WBA, WBO and IBF would enter their respective champions into competition (semi-finals and finals) with one Universal champion rising to the top of the heap. The winner will be administered to by the sanctioning organization who's title he originally held. The losers will still retain their own original titles. Another plan for the 2009 convention is to invite broadcasters like HBO, Showtime, ESPN, Sky Sports and so on to create a dialog and thaw the frost between the sanctioning bodies and the networks.