Isn't the crux of the problem the identification or designation of "majors"? Today's four so-called majors are a media creation, with no official sanction. Don't we expect the PGA Championship to be more than it seems to be simply because the media calls it a "major"? I accept it as a "major" for talking purposes, but for me it doesn't have the cachet of the Open Championship, the U.S. Open and the Masters. So what? It is what the PGA of America wants it to be, and so be it. I've come to the point where I consider the U.S. Open and the Open Championship to be the two most important golf tournaments of the year, with the Open Championship usually being the more exciting (from my view as a spectator). I also like the Masters because Augusta can provide for some exciting golf - and frankly, Jim Nantz notwithstanding, I like the low TV commercial to golf time ratio.
Thus, my personal fan majors are the Open and U.S. Open tied at (1), the Masters at (3) and after that, not much. The PGA, the Tournament Players Championship and the Tour Championship bunch together after that. Having said that, as others have suggested I think that going back to a match play format would make the PGA Championship more interesting, and different, and therefore more worthy as a "major."