Well i can tell you I’d rather have a bipartisan group determining what is objective than having it imposed unilaterally by a philosophical cartel as it is now.
I don't disagree with your general stance, but I would hope there is a better way. As a general thought, I think there should be 'strict' labeling of what is presented in the media as 1. Corroborated news without opinion, 2. Uncorroborated news without opinion, 3. Opinion 4. Editorials (possibly more categories). Any improper labeling will make the media outlet susceptible to fines and eventually pulling their credentials.
Another possibility would be to make media outlets much more liable and vulnerable to private lawsuits for inaccuracies and defamation.
No solution is going to be perfect, but I prefer solutions in which private citizens get to decide, rather than the government.