Unless you're going to make the game count for something, like the MLB does, the league should at least attempt to make it as entertaining as possible. The quarterbacks used to go through a bunch of throwing drills, the receivers would do some kind of modified gauntlet, the kickers would play a H.O.R.S.E. type of game, and so on and so forth.
Was it something that everyone was looking forward to? Probably not, but it was entertaining -- something the Pro Bowl is really lacking as of late.
The winners of the drills would win a watch or something of the like so it was still competitive, but the guys enjoyed doing it and were much more willing to participate in that than the actual game.
In fact, if the league was going to get rid of anything, my vote would be to get rid of the game itself (still vote for All-Stars, however), and just invite the guys out to Hawaii for a few days worth of skills challenges.
Then if they want to make it a bit physical they could have some one-on-ones with the linemen and a seven-on-seven with the "skilled" positions.
I'm not sure that the NFL would ever even consider something like that, but they should know something has to be done when the NBA, of all things, is more entertaining in any aspect.