I'd prefer #3 (make minor changes) over all the proposed options.
My arguments against the other proposals are if we make massive changes, it will take a long time hashing out the details, and we'll likely lose more players through disatisfaction with the changes, and simple weariness with the discussion itself. Disbanding the MVL is a non-starter for me. There are certainly enough people to have something going on. As for making no changes, I think that will need to make some adjustments considering where GC2 is in it's life-cycle, and frequent recent member changes in the MVL.
Possible changes could be:
A. Reduce base victory points to 6. One small problem with this is that in an "all-victory" round, where each team needs all four victory types, one of those games will earn no base points. And somone mentioned before about possibly including ascension victory too, which would be 5 games needed.
B. Reduce the number of teams to 4. This would make it much more likely that a team can get the required number of games/victory conditions completed. The major drawback is that one team would be disbanded. How would we decide this? It would be really difficult...maybe team with the lowest season total, or the team with the least active members (which would be my Team D), or through discussion amongst everyone in the MVL, or whatever. Whichever way it might be decided, there are probably going to be some unhappy people.
C. Shift some people around between teams. This probably has to be done anyway, and could be in conjunction with either of the former two changes.
Sentient species taste better...