Salvete Omnes!
My fellow Romans! I see this as an opportunity to streamline and reorganize the Collegium into a more functional group within the Republic. I shall add my points that I think should be taken into consideration.
I would drop the term limits. I would say drop it from three years to one and five years to two. With an option to be voted in for more terms, up to three. That way you don't have one person running the whole show forever. That kind of leads to cronyism, unintentionally but it happens. I would also add that those members who do serve a term of office should be kept on as a council of elders in law or something like that. Like a Consilium Legum who can counsel those who are in office and also distinguish those whom have served and can be looked to for advice.
Valete!
N. Antonius Paullus