Standings over the last few years have lost nearly all meaning; You no longer need them for jump clones, anchoring POS (soon to be removed anyhow), even the sales/refine tax/ aspect is bypassed by citadels. The only reason to have standings with the NPC factions/corps at this point is for missions (cosmos/arcs included). The requirements to join a faction in faction war are laughable at best.
There needs to be more interaction between the NPC corps. Maybe they can pay concord off and start a war with each other occasionally, and you can offer your services to either side (standings related missions) to help. The rewards for partaking could possibly be a skin or apparel related to the NPC corp that you helped. Perhaps have something similar to overseer personal effects that you could trade for loyalty points, that could possibly drop from the opposing corp NPCs. Maybe even add in more NPC activity around some of the stations of the corps at war, have it so anyone would be able to partake. Obviously, you would gain or lose standings depending on which side you chose to help.
A similar idea to incursions could be applied to empire factions, taking place in high security space. This would more or less be a “lite” version faction war with parts of the incursion system mixed in. Each faction could invade an opposing factions space, maybe even reinforce their allied faction in a few areas. There could be anomalies where an active battle is taking place, signatures of what could possibly be a new staging point for a forward operating base, maybe an event agent (beacon) for missions for more specific objectives, etc. There could be varying levels of objectives available depending on the level character faction standing. Obviously this could not be as profitable as faction war is, but it could be good way to give faction standings some meaning. Rewards could be similar to the ones awarded by NPC corps; Faction related apparel, ship skins, standings; In place of loyalty point rewards, tags of the opposing faction(s).
The best part is that there would be no isk being injected into the economy. This would give meaning to standings again, as well as provide content for people. I’m looking for constructive criticism, please keep it civil.