I've always though that for most Civvy orders we should go back to the practise of James VI & I and auction them off to teh highest bidder
Say 1 Dukedom every 5 years, 1 Earl and a couple of Viscounts a year and maybe just a standing fee for Knighthood - say £ 1 mm....................
rotate the auction between the BBC & ITV and make some cash on the TV rights.