I won't go the route and say Pankration doesn't need attention. Anything that can be made fun is worth it!
1) Real rewards. Does not have to be armor/weapons. Can be xp, gil, CP, Assault points, Notes, crour. Can be anything really.
2) expanded mob choices. Needs modernization.
3) creative buffs to mobs.
4) more control of pet.
5) can even have pup, bst, drg, and smn beastmaster mobs like Yagudo and gobbies.
6) maybe even have players buy upgraded buffs and upgraded pets. The most dedicated can work toward behemoth type pet or something.
7) access to real TP moves like Helldive or something. ability to work toward those TP moves.
Just some ideas. The goal is to make it worth playing and make it fun.