Return 4th Edition to the OGL. Release a true SRD for it. And give up on the absolute jackassery of trying to repeal the OGL. Because it was those actions that caused the core fanbase to believe the company gave them a big middle finger.
The GSL was a big middle finger to the gaming community, but it was only one of many things WotC did to cheese off their customers. It does seem like they really were actively trying to "fire the audience" with 4E. The problem is that they fired a lot of their audience and the MMO crowd they were trying to appeal to did not rush in to fill the void. I suspect most of them still don't even know what D&D is and if they do, they don't have any interest in playing a table top game when they could be playing their MMO. This shows just how out of touch WotC has grown with their fan base. Now, it at least seems they are learning from these mistakes. Let's hope it's not too late to save the D&D brand.
They do need a new edition. 4E failed because a lot of D&D players don't like the mechanics and fluff, and some are just ticked off at the company, itself. I don't know if they can do much about gamers actively disliking the company, but to win back the people that don't like the game, they have to make a game that is distinctly not 4E. Making a basic 4E will not win back any customers, it will only waste money and show just how clueless they are about their customers. Besides, they basically tried that with Essentials. It was poorly received and failed to revive the brand. A new edition may not save the brand, but it is the only option they have right now.