I've been holding off on proposing a solution to the problems the platform is facing in this beta stage - acquiring what intel I could from others first.
I've arrived at what I feel is the only valid solution to Steemit's current underlying problem and I'd like to share it with you all in the hopes it can either help inspire someone to come up with something better or work as a standalone tactic.
Obviously, I'm no expert; just a concerned Steemian who sees where things are headed.
I'll go down with the ship if I have to, but I'm definitely not the captain. :)

The Problem
I won't sugarcoat this.
A good number of the highest earners or "whales" on this platform have taken to spamming the system and using their relative influence (reputation score and SP) to claim most of the available rewards for themselves by upvoting their own content.
I don't blame them.
That shouldn't be an option in the first place, but seeing as it is for some reason, they're just doing what makes sense (and money).

Jerry Banfield pointed this out (which is weird since he often does the same thing) and it's more than a small issue. It's a threat to the entire platform.
As long as a select few top earners keep using massive leverage to claim most of the rewards, the divide between them and everyone else will only increase.
I know hard-working, creative, successful people deserve their success when they make it to the top and I don't fault them for being successful. The fault lies in the way the system is set up to enable such lopsided rewarding of a select few - effectively keeping most newcomers permanently in the shadows regardless of how much effort they themselves put in.
Most of us aren't exactly strangers to rigged systems. In fact, we've come to know them all too well.

The rewards pool is a socialist idea at its root and makes all of this a bit trickier to deal with as it is a fundamental aspect of how the blockchain functions.
But I might have a simple solution...
My Proposed "Fix"
I've highlighted the word "fix" in quotations because the flaw in question ought not to have existed at all.
It is the very leverage the "whales" are abusing that shouldn't even exist in the first place.
Reputation should mean nothing on a system level. Innovation, quality and creativity reign supreme.
Let readers decide who and what they like most, not the system itself.
Without increased weight on the platform due to reputation or hoarded steem, high-flying users who've been here much longer than us newer arrivals cannot continue to game the system with bad content (in some cases hardly any "content" at all) that they themselves delegate more than half of the rewards pool to.
They'll have to resort to bribery, nefarious bot mastery or some other ploy to stay on top without actually offering any value.

Those who actually DO consistently deliver valuable content will continue to see success here and loads of newcomers with enough drive and persistence to keep improving their own content will too.
No need for downvotes, crusades, etc. A truly fair competition for all.
TLDR: Level the playing field by removing reputation score and SP leverage across the board. Make content king again.
Another good idea I've come across:
A "village" concept put forth by @clayop. Read all about it here
Message to the Newcomers and "Minnows"
Please feel free to join the discussion below or post your own fixes. Steemit aims to offer everyone a chance at helping it forward, so don't be shy.
It'll take all of us proposing and making changes if we're to make this platform last longer than a grass fire. :)