my thoughts
I think the major cause of pool being a dud on TV is the money. People who tune into a sport on TV want to see something bigger then themselves, they want to see stars that are loaded with talent and money and are playing for huge stakes. They want these people to be famous and have that star quality that makes people tune into the Oscars just to watch people walk down the red carpet. This is not going to happen when you have the finals of a 160 player tournament going and you have 2 people playing who are lucky to make 100K a year playing for about a 15k difference of $30,000 to the winner or $15,000 to the loser. A viewer sees that and thinks "wow, I could not even buy that car I want if I won that tournament, what is the point?"
On the other hand look at golf. You have a sport where a bunch of multi millionaires are all out there hitting balls around a course (as predictable and slow as pool ever was) and they are playing for a payday of over $1,000,000 for first place. The viewer instead sees this and says "Wow, not only could I buy that car I want, I could buy a house as well, my life would be set! What a dream it would be to be able to do that and play pro golf"
It takes money to make money is a popular slogan, it has merit here though. In order for pool to advance it is going to need to impress the audiance with loads of cash and the pressence of stars. It is going to need the sport to look bigger then the lives of the people who tune in to watch it. That is the draw poker has. Joe who works a 9-5 job for 40k a year gets home and he flicks on the TV and he sees the World Series of Poker. He watches a bunch of people sitting at a table betting sums of money that make his yearly wage look like chump change and some guy winning millions of dollars, and for what, playing poker? This is a dream to Joe, he wishes his life could be so exciting and watching poker on TV is an escape for him where he can dream. When he watches pool on the other hand he sees some guy working his nuts off beating 159 other players in a tournament in order to make $30,000 in the biggest tournament in the USA, it looks alot like work to Joe.
Take a pool tournament and put it on TV, have a larger then life setting (a casino floor, or a stadium like the Worlds has, but put it in Vegas cause Vegas sells. When you are opening the show pan down the strip showing the scene in Vegas, the lights, the people milling around, ect... Then show the larger then life casino of the tournament, lets say the Luxor, a shot of the huge pyramid, the large light shooting out the top, the huge sphinx. Now inside the casino we go, briefly seeing the floor and such and then a shot of 2 hot tall show girls at a door who each open one door with big smiles and little clothes, and inside the doors we see the tables. Have show girls sitting near the players who do nothing more then pour the water for the players and such, making the players look important. In no way should the players rack their own balls or their opponent, this can be done by a ref dressed in some fancy tux type thing or if you get Michaella Tab maybe we could squeeze her into one of those show girl outfits? =). The key is to make the players look larger then life, they should be shown as kings and this is their castle. Have the winner winning a million dollars and then after a elaborate scene of getting the cash (not a check, I mean huge wads of hundred dollar bills in a suitcase all stacked up, the viewer will orgasm at the thought and sight of it) and then the winner closes up the suitcase and with 2 show girls, one on each arm walks casually with his head held high into the casino, as the king of his domain. Show over, end credits, leave the viewer wishing he was so lucky as to be a pro pool player. Screw poker.