I think they should do a team dunk contest, since the regular competition has gotten old to a lot of people.
Have 3 or 4 of the older guys on one team (Carter, Richardson, etc.) and younger guys on the other (Josh Smith, J.R. Smith, etc.). They could do a duel where one player from each team goes head to head and the loser is eliminated while the winner gets to choose the next matchup. They do that until it's down to 2 guys, and the winner takes the trophy for his team.
Of course, that'll never happen.