Lots of people make the point that the men's and women's games are very different. Again the original question was specifically about the men's game, and the answer didn't compare the two, even though it acknowledge the women's game also has problems. Not sure why people keep bringing this back to the women's game, but I can think of two ways the men's game is behind the women's. 1) the shot clock (how is it that "unathletic girls" can get a shot off in 30 seconds, but the big strong men need 35?) 2) The media timeouts, in the women's game now if timeouts are called near a media timeout it becomes the media timeout so there aren't so many breaks. With things like that it sure seems like the women's game is more adaptive, probably because its less popular and they are willing to try things to grow, and the men's game felt they were already very popular and are desperately trying not to lose fans. But this is really an unrelated discussion to the original point of the thread.
People have commented one of the big problems is the last 2 minutes of the game take 20 minutes of real time. I think that is a problem, and obviously reducing timeouts will help that. how about only giving 10 seconds to sub for someone to foul out and don't let teams go to their benches, don't make it a defacto timeout. I also think having a shorter shot clock will help at the end of the game because teams won't be able to run as much time off and they will be able to play out the game longer before needing to foul.
Also look at soccer, its the most popular sport on the planet, and many games end with a score of 1-0, maybe men's basketball wants to be more like soccer. They could get rid of the shot clock completely and then the first team how has the ball with the lead can run out the game clock for 38 minutes, just like soccer.