I have long thought that the proposed Anglican Covenant would not provide a healthy way forward for the member churches of the Anglican Communion. What I thought it would do was encourage a culture of compliant within the Communion and could result in less honest communication between those who disagree with one another and more triangulation as member churches chose to lodge complaints with the Communion's Standing Committee.
I had not, however, taken the time to think about an alternative to the proposed Covenant, something which the Archbishop of Canterbury seems to think is required if the Covenant is rejected. I felt, with some justification, that one need not propose an alternative to an innovation, but could simply reject it. A logical alternative to any proposal of this sort is the status quo. Jonathan Clatworthy has done what I could not do, tackling the question of an alternative admirably in Instead of the Anglican Covenant at the Modern Church website.