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).
Agreed. I feel that the ODI format is already close to getting scrapped while the T20 format is ballooning in popularity. Test format is somewhere in between the two at the moment in my opinion.
The 2 division strategy could help it stay relevant if it gets implemented later on. There's also the T10 format which is slowly and steadily gaining traction.