Toyota should bring back the MR2
Mazda didn't sell more than a million MX-5s because nobody wants, affordable two-seater sports cars.
If Toyota was able to deliver a modern MR2, I think they'd sell enough to make it worth their while.
They should offer it with two different engines - a 2.0 liter four and a 3.0 liter six - both offered with or without forced induction. I know Toyota likes turbochargers but a supercharger would be better in this application - better throttle-response and increased reliability.
Plus, they could take the opportunity to utilize an electric-powered blower instead of driving it mechanically off the crankshaft. This would have the added benefit of additional control over the boost pressure.
Keeping the weight would benefit both performance and fuel economy.
They should easily be able to deliver a base model in the mid-to-upper 20s in terms of MSRP with the maxed-out, blown, V6 model coming it in the low 40s.
This would give regular folks a viable alternative to the Porsche 718. If the car is done right, they might even poach some customers from the Germans. Of course, given the badge-snobbery of the American market, they should probably also do a Lexus variant - same bits just a Lexus badge and an extra $30k on the price-tag.
-I don't watch Fox 'News' for the same reason I don't eat out of the toilet