What if they took out submissions, and all the groundwork? Maybe they could leave in all the current strikes, and still allow holding and hitting. They may want to add in a 10 count for when an opponent knocks the other down.
As has already been pointed out in this thread, mma without striking is basically submission grappling. The flip side is Thai boxing. I personally like the rules of Combat Sambo: http://www.tournament.info/madoc/rules/Sambo_Combat_Rules.pdf I like seeing my favorite fighters fight as often as anybody, but I also wish for them to have lengthy careers. I think that allowing fighters to fight under Combat Sambo type rules periodically would allow them to remain active and maybe sustain less injury. Of course they would have to take a pay cut to fight a 6 min fight with fewer risks, but they may be able to do it more often. I am a US citizen, and reside in North Carolina. North Carolina requires that you fight a minimum of 5 amateur mma bouts before turning professional. Though the bouts have 3 min rounds instead of 5, the rules are basically the same. At least boxing's amateurs are treated to larger gloves, much shorter time frames, and better over all protection from the officials. For the most part, amateur mma is the same as professional mma without getting paid. I think that Combat Sambo would be a much better substitute for amateur mma.
You should start a company promoting this. I have a feeling you would be very successful since almost everyone hates to watch a KO.