They needed Jones vs Cormier as coaches that's the only way I would watch. Possibly a Bisping vs Yoel TUF too...
I haven't really heard Ariel do a lot of analyzing... he does know his history though. What do you think of Ariel? If they really wanted analysts (Hardy, Cruz, Stann)
Schaub on the other hand has literally aligned and grinded his way to be where he's at with Joe and Brian. But for me he isn't really funny and just the things he says is can be questionable. Can't knock his hustle though.
If they're recycling former cast members for shows like Redemption, I think their best bet would be to do a rivals season. Get two coaches who don't like each other like you mentioned Jones and Cormier; but then also add fighters that beefed with each other in their respective seasons. They're chasing drama these days anyway, make the house a full on WWE spot and embrace the crazies. Hardcore heads are already tuned out, they might as well chase the casuals that would eat up the drama.
Ariel is journalist through and through. You almost never hear him speculate or force his opinion. Dude just asks questions and draws out honest answers. I'm not sure he's a great fit for something like this, but what he has beyond anyone else is being connected. He gets the news first and when something breaks, he's usually the first one able to verify it.
Schaub's actual analysis is fubar pretty often. But he does bring some inside takes where his experiences help him to give a separate perspective from the rest of the analysts. To me Brian Callen makes the damned podcast. Some cats hate him, but I like the Schtick because he's constantly surrounded by killers and just plays the naive wannabe alpha so well. But Schaub does do well to play off Callen and keep the jokes running. Solo Schaub is meh to me, borders on Skip Bayless with some takes. I appreciate that he stood up to the UFC, left Fox while still moving on up and has turned a pretty average MMA career into a really nice post fighting career. I think he'd probably be one of the more fun guys to work with though.