Here's how I think it should work. It should be illegal to air commercials mentioning a candidate or a political affiliation over commercial airwaves. Instead, A set amount of public television time will be given to each party who earned at least 5% of the vote in a previous election. There should be segments of time allotted for local, regional, and national elections.
We did a pretty good job separating church and state, but there needs to be a separation of money and state as well. We don't live in a democracy anymore, we live in an econocracy.