I normally hate reading some of the wildly crazy ideas floated about regarding such issues (Come on - chutes? Seriously?), but I have to imagine someone's run across this notion at some point in their career:
Cargo jettison. It seems quite simple.
Have any of you freight folks ever dealt with a noodling session in which this idea had been floated? Other than the obvious modifications to the aircraft (read: expense), wouldn't it be more cost-effective to lose the cargo (presumably insured) and save the airframe and crew?
There I go, thinking out loud again.