I think that they should just do away with it.
How about this? Select the "All-NFL team" for both the AFC and NFC and present the players with a check from the NFL and a plaque or trophy before the Super Bowl, and let that be it. This way the guys get recognized, their families still get an all-expense paid trip to somewhere nice, even if it isn't Hawaii- Miami, New Orleans, Pasadena, etc., and the guys that helped their team make it to the Super Bowl get rewarded as well.
No one watches the Pro-Bowl. The teams have about a week to get an entire offense installed, the defenses can't blitz, and other rules water the game down to the point where it is unwatchable. Plus, no one wants to get hurt, so they're not exactly going full speed, that is if they even show up at all. I think the fact that it was in Hawaii hurt the NFL to because it's not like I could get my family or friends together and say, Hey, let's go spend thousands of dollars and go to Hawaii to watch the Pro Bowl! Whereas if it was in New Orleans or any other NFL city for that matter, it would be a lot more feasible for pretty much everyone to actually go.