A new FG system doesn't necessarily need an overhaul I think, just fine tuning on the current system, or a little tweak.
The biggest problem with the kicking seem to be that accuracy is very forgiving on all levels. That shouldn't be the case, especially on All-Madden. If your goal is to be on line with where you're aiming the kick precisely, then you better get your kick aim on line or else there should be penalties. The more your aim is off, the more the kick is off target. The better your kicker accuracy is, the more margin for error you have (not that much of a difference on All-Madden, but it is easier to kick with a good kicker then a marginal kicker).
As for kick power, I think rather then waiting for the kick meter to fill up, it should work like a slingshot (or something like it). The quicker you pull back and push forward on the kick stick, the more force you put on the ball. The kicker here is instead of just pushing straight down then angle the stick up to where you aiming, you must move the stick down and up parallel in the direction you want to kick the ball. So for deep kicks, you gotta move the stick quick to get the deep kick power, while keeping your aim on target, which is more sensitive on deep kicks.
Here's some diagrams to better explain my method:
Thats the ideal kick meter for All-Madden.
And that's All-Pro.
Still same movement wise.
Here we have an accuracy range for a great kicker (accuracy wise) on All-Madden. The green region is a good kick. Orange is okay, but won't be precisely on target, especially if it's at the outer edges. Red is a bad kick. That's when your ball is gonna be off target. the goal is to remain in the green region during your kicking motions. That means if you pull back into the orange region, but hit into green, your still going to end up with an orange to red (bad) kick depending how awkward the bend in the motion was.
It's also important to note that even though your kick may be in a green region, if it's not directly center with the aim line, your kick is not 100% accurate. That's why if your on the outer regions of orange, it's not on target for the most part, and if you fly really off into the red, your kicking is heading off to left field.
For a decent kicker, it's harder to kick since the regions are skinnier.
When you move the primary aim, the accuracy follows along with it.
It's basically a tweak on the current system, and adjusting the forgiveness.