I would say as a whole the product is the best it has been. However there are a few problems that need to be address. Rookie contract being one. These astronomical contracts given to players who have yet to take a snap really hurt teams that are supposed to be improving by getting the high picks in the draft. Spending all that money on your first pick limits some of these teams from being able to go out and be players in the Free Agent Market as well. Small market teams really take a hit from this.
The style of play in college football is also hurting the NFL a bit. Right now, the offense du jour is the spread option, which in my opinion is leading to inflated college stats and creating a lack of football knowledge among the players, especially QBs.
With the size of the league there really needs to be a farm team system set up in the future. This will give marginal players a chance to learn the game and improve their talents and thus improve the league by keeping roster talent from depleting due to injuries. NFL Europe was a great tool for this, but did not produce the revenue and interest needed to keep it afloat. The UFL might possibly be able to help in this department, but the interest in it is currently lacking and there are few roster spots and the schedules coincide.
The NFL may want to create a small 6 to 12 team league that plays after the NFL season concludes located in fringe NFL markets that can't support a team.