I would make it one six year term. No more failed presidencies.
Carter was a failed presidency. Two more years of him and *shudders*. Seriously Philip, when you cannot be reelected you won't have the will to make people happy.
I honestly think the way that it's set up now is the best there is. A president is elected. During his first four years, he has to govern knowing that he has to run for re-election. If people like the job he's done at the end of those four years, he gets a second term. If not, he gets replaced by somebody else. After 8 years, I think most people will agree that's long enough for any one man to be president. If you go any longer than that, you run the danger of looking too much like a king. George Washington knew all this when he became our first president. He knew that whatever he did would set the precedent for all future presidents. And I think it's the right thing.