It's not nearly as bad as it was when payout was still strictly by production. Nowadays, farmers are paid to let fields fall fallow so there's no insane overproduction, hence less market crashing abroad.

Some sort of CAP is a necessity: The point is to keep local farmers in business as to keep local production capacity (not necessarily production) alive so that when shit hits the fan when it comes to imports, Europeans won't starve.

Yes, there should be further fixes. But it's much better than in the past, and I think the fishing policy should be dealt with first.