If I were the players I would want Conference based awards, like MLB. All-Conference first and second teams...maybe a third team. Two conference MVPs. The awards are so flawed anyway, even MVP, that if I were the players my goal would to get as many players awarded as possible. Baseball has 18 Gold Glovers; basketball can't have twenty all-defensive players?
From a fan perspective I think it would be much more interesting as well.
Ed- you'd have a Jokic/Luka/Booker debate out West and a Giannis/Embiid/Tatum debate out East. Two debates, more discussion of superstars.