This question is based on the discussion here. In my opinion the current version of offering bounties is not fair enough. Whenever there is no answer to a featured question the owner looses from 50 to 500 points depending on the amount of bounty. The listing time is one week for both cases and there is no explanation (in my opinion) why the loss should be variable although the service (listing time) is the same.
$1$-) Everyone who wants to ask a featured question (to open a bounty) pays a daily or weekly price for listing. It can be $50$pts or $100$pts for a week or $20$pts per day. This point is open to discussion (as if it is daily or weekly or how many pts etc.) and can be related to the total number of questions expected in the list of featured questions. The owner of the question accepts that the lising price is nonrefundable.
$2$-) Each question offers an amount of bounty (in principle up to the user but can be upperbounded)
$3$-) a-) If there is an answer and if the answer is accepted then the bounty goes to the owner of the answer
b-) If there is no answer, the bounty goes back to the owner of the question
c-) If there is/are an/- answer(s) but non of the answers was accepted at the end of the grace period either $5$ members whose overall reputation is above some number decide if the bounty goes to the answer or if it goes back to the owner of the question. This part could also be in a different way like the edit in the current system. In this case the members whose overall reputation is above some point vote for say $1$ day if the bounty should be sent back to the owner of the question or to the answer.
$4$-) (Not so importantly) What will happen to the points earned by listing? possible answers:
a-) Nothing, they will be simply lost.
b-) These points are collected in a pool and used to advertise some interesting questions (the choise of big bosses, admins, or some memebers with very high reputations)
Please let me know if you think that such a system is better or if it has missing points or it is not useful at all due to ... reasons.