I know the raison d'etre here is to rip on these women, but I have to say: TMI is actually pretty good.
If it were MY show, or if I was the producer, I'd leave it basically as-is - with just a few minor changes.
Number one, I would change the topics from the sort of SATC leftovers and Elle Magazine cast-off stuff they do now. Instead, I'd have topics that are actually interesting and "good". And I think the show would work a little better if they got rid of the three girls who are on it now. And replaced them with three other women. The new women should be smart and funny, and - this is crucial - less crazy and self-absorbed. Lastly, I would just tweak the set. The set they're on now looks a little Al-Queda-martyr's-video-farewell backdrop. It looks like the windowless room where, like, the french club and student government used to meet in the seventh grade. One way to make the show "better" would be to make it less painful visually.
Think of today's TMI as a sort of dress rehearsal, a rough cut. Now think of it with three different hostesses talking about stuff that actually matters, on a set that is less Junior High Audio Visual club hang out and more vibrant.
Other than that I think the show is really good. But as long as I was fiddling around - and of course we're speaking hypothetically here, because they haven't hired me to do a relaunch... yet! - I would go ahead and get rid of that grating Sex in The City Theme outtakes music. And I'd change the name from TMI to something less, um,, I don't know how do you say - less, ah, that's it. Less fucking gay.