Minor quibble - I wouldn't use the NFL Pro Bowl as an example of running an All-Star event. The NFL is a huge part of US culture, but their Pro Bowl is the one area that doesn't draw any attention. Heck, some players find excuses to get out of it.
I recall hearing about declining viewers for the NBA's slam-dunk competition and MLB's home run display. Is there an overall decline in the interest in all-star games in general?
My interest in the All-Star race couldn't be lower. In my opinion, it's been loaded down over the years with way too many gimmicks, segments, etc. And I still don't see what's "all star" about seeing the same guys we see every week.
Do something really radical. Instead of segments, run four heats. That's basically what the current first race is anyway. Then run a last chance with everyone (including drivers from the first race) who isn't in.
I realize the pit crews like getting introduced on TV, but that REALLY slows things down in the middle of the broadcast.