A new story, to say how our character is actual a spawn of Oblivian, but want to be a puny mortal that we have taken the shape of (i.e. human, elf, Khajiti, Argonian).
So when we start at level 1, full CP, full attribute level, can basically one shot everything.
As we progress we get the ability to remove attribute points, damage, resistances. The armor sets would help reduce our resistance and attribute pools and damage.
This way nothing is ever to hard. So it's no need to nerf anything. No need to nerf armors, skills, or monsters.
And as the game progresses, you get more stripping of power, rather than actual power creep.
Two Leader boards:
1 timed (based on speed of clear) plus how less you have. It would be based on how little people could use and still clear.
2nd not timed plus how less you have.
Party score based solely on the highest value of any person in the party. That way one person couldn't be oneshot everything while others are totally 0.
Of course this system would have a lot less "Achievements" in the terms of completing dungeons and trials, and more based on what amount of power was used to complete the dungeons and trials.
Just a thought.