Why you didn't ask about players' fitness level and what BCCI is going to do to improve it?
As we have seen, teams like Australia have left India Far Behind in this arena and that is one area which now distinguishes Top Grade, Tough, Competitive teams from "also ran" teams like India. What BCCI is doing to change it?
Just introducing some contract system is not going to do it because many players get 10 times more money from external advertisements than from the BCCI contracts. Thus, a 20% increase/decrease in contract money is not going to affect them much.
We have already seen that players haven't worked hard enough to gain and maintain top class fitness. Much older players from sides like Australia are Far more fitter than younger ones in the Indian team. BCCI has to start demanding top class FITNESS from Cricket Players and allow only those who meets this criteria play for India.
Without gaining and maintaining the top class fitness to be able to compete with team like Australia, Indian team will keep sliding and will ultimately go the way, Indian Hockey did! It will become a source of constant national embarrassment. Time to act is Now else, it might be Too Late!