Democracy thrives on public participation. When more people hear ideas and consider them, they have an advantage at making decisions. Political campaigns allow the public to hear candidates discuss ideas, exert charisma, show debating acumen, and be exposed to other candidates who might challenge their assertions. But as the cost of reaching the public has increased and the amount of media that can drown out public campaigns has multiplied, the disparity in fundraising has allowed for less than open contests.
Campaign reform measures have not made a substantial impact, and may have even had consequences that exacerbated the problems. In addition, the impact on the need for money has allowed for the appearance of undue influence of elected officials that feel they rely on future support. Efforts have been made to limit the amounts that can be given, which may have limited the influence of single donors, it may have increased the influence of powerful organizations that can spend enormous amounts to bring in large numbers of limited amount donations. Efforts to provide transparency may have provided a check on the influence of a particular donor against a particular elected official, but when there are so many givers and unknowable networks between them, it seems more like an amorphous blob than distinct and identifiable influence peddlers. Also, when the system is so open and everyone participates, the system itself seems corrupt rather than providing checks on specific situations.
Campaign reform has consisted of debating the importance of speech and whether giving dollars are a form of speech. It seems absurb that if some individuals have monetary resources that dwarf most other peoples and can use that disparity can drown out the words of most people, that an equality based democracy exists. On the other hand, public funding from general revenue seems to be a non-starter and more importantly if enacted would lead to diminished campaigns resources when incumbents decide that general revenue decisions may lead to cuts to non-essential programs.
It is impossible to say what disparity in candidate funding leads to non-competitive races. Some may argue ten to one, others that there is some minumum. I feel that two or three to one is a threshold amount that can allow money to allow races to become less competitive. I would propose allowing each contribution to a candidate's campaign to split with two-thirds to the campaign coffers and one third to a pot that is used to pay for public forums and media placement for all of the major candidates. In this way, the contributor is mainly helping their candidate as two-thirds is directly given to the candidate and the other third still provides the candidate with the opportunity to reach the public and try and best the competitors.
It may still be the case that certain donors or network of donors may seek to remind elected officials of past contributions, and elected officials may desire to have that support continued for future campaigns. But since contributions to the opposing candidate will still provide some support to that elected official and that disparities can no longer be as pronounced, that realization should provide more insulation from those influences.
If necessary, the influence on campaigns by outside forces/organizations can similarly be checked, not at the time of contributions, but at the time of spending on particular elections. If spending on media during an election and mentioning that election or candidate would necessitate a premium paid to the pot of money spent for public forums for that election.
The idea is to promote, not limit debate. To enhance the importance of each and every voter over that of money. And yet not keep interested parties from bringing their points of view to the discussion, just not allowing others to be effectively drowned out.