In every context, breadcrumbs and financial benefits means a bilateral series with the BIG-3.
Because ICC's revenue generation and distribution model is already at its limit (BCCI won't take a cut because they made a compromise on every ICC tournament every year issue), especially the revenue generation so not much scope there. Everything comes down to bilateral so that smaller boards can pay their bills (As every test match is loss making affair unless one of BIG-3 team is playing) but the relegation system came up in existence because of a lopsided fixture in the form of bilateral. Call it the chicken-egg problem.
Well. In that case the BCCI can throw them breadcrumbs in the form of limited overs only bilaterals. But they need to be strict about test format. The presence of weaker teams such as Bangladesh and West Indies is one of the major reasons for the decline of viewership for test cricket. If things doesn't change, then test cricket will simply die out in the long run. Even now, it is mostly the middle aged and elderly fans who keep test cricket alive (exceptions being BGT and Ashes, which seems to have a broader viewership).