Perhaps the two franchises can run side by side so that there is two "Canon"?
To be honest, it may have to be that the original cannon stops. With the exeption of the nevels, there doesn't appear to be much hope for the old style Trek anymore.
I've given plenty of ideas in this forum for how Trek could carry on. Just a few: 29th Century Timeship, a mini-series of standalone stories based on important future events which we never heard much about, a series set on a Klingon ship.
I'm not sure what you mean by old-style Trek, but I think there are several reasons why the franchise fell from grace:
1) There was too much Trek!!! When Enterprise was in it's first run, there were re-runs of the other series at the same time. At any one time, somewhere in the world, there is always Star Trek on TV. There is over 6000 hours of Trek made! They have done just about any story possible, so every new episode is always a little bit like another older one.
2) Paramount just didn't appreciate what they had. They killed the golden goose. There were too many Brannon Braga type stories that dealt with the mind, and not enough Ira Steven Behr type stories of political intrigue and alien societies. Making a prequel like Enterprise was a big mistake and fans said so. Then, just when it got better, they cancelled it. Every single other Trek series got worse in the third year and improved in the fourth (if there was a fourth) only to go on to hit the heights in the fifth, sixth or seventh series.
3) None of the later series captured that triangular relationship between Kirk, Spock and Bones that worked so well. It is that relationship that made the original series so good, and it is still lacking from the recent film, so I don't hold out a lot of hope there.
4) Technology just overtook Trek. Everyone has a communicator now, only it is called a mobile phone, it is smaller, and it works better. Computer memory is unbelievable cheap and computers are tiny and more powerful than would even be believed at the time of Voyager. Why does Janeway have a desktop computer the size of a 1950's TV set? Stories about nanobots and genetic research are just out of date. So how can you realistically extrapolate technology into a distant future from one that has already been overtaken by events?