I won't pretend I know what it would look like or how it should work. That said, it's not impossible to at least improve the current situation: removing at least some demonstrably false statements would be a start. Requiring "right to reply" and equal air time to different parties would be too.

Again, I don't really support this approach, I'm just pointing out it is what people presumably want since Option 1 is out of favour and that only really leaves option 2.