The NBA should dramatically increase the prize money for the dunk contest.
In 2020, first place got $100,000 and second got $35,000 (I don't know how much more it is now, but I imagine not much if it is more at all). Only guys on rookie deals will care about that "little" amount of money.
Increase first place to $1,000,000 and second to $500,000 - see if it results in a better show. A million bucks is nothing to sneeze at, even for the ultra rich top players in the league, but would be nothing at all for the NBA. The dunk contest has produced some of the most iconic moments in NBA history - if increasing the prize pool makes that 25% more likely to happen every year, it would be money well spent.
NBA teams routinely pay a million bucks to guys on their roster who don't touch the court for an entire season. The dunk contest winner has the potential to single handedly give more value to the NBA than 100 league minimum 13th to 15th roster spot guys combined. It doesn't make any sense for the league not to offer a large cash prize.
One event I think the NBA should consider, is a trick shot contest. It doesn't have to be live - let guys film it in advance on their own time. Pick the 10 best clips, do a segment showing them, have a panel react live and vote on the best one. That would be way more interesting than a 3 point or skills competition imo.
Another idea is a longest shot contest. Start at the three point line, you have five shots and need to hit one. If you make a shot, move back three feet and repeat. If you miss all five shots, you're done. The player who hits the longest shot wins. Could be some epic moments if two or more guys get beyond half court