I would be OK with a reset, but how about have a little fun with it. Have a timer cap on a specific player, you can play that char until it reaches XXX time played, then that Players RR gets reset to 5L0 and play time is reset to 0, the character would still be level 50. The current realm point that player earned gets transfer by a calculation into either BPS or Feathers.
Example from a current character I have
Play time is 9 days 22 hours
Put a cap on Play time for a specific character to 60 Days. For a reference that would be playing roughly 4 hours a day for 365 days straight.
@60 days say you hit RR10 which is 5,974,125 realm points. The Character would be reset to 5L0 which is 513,500 realm points
5,974,125 - 513,500 = 5,460,625 / 100 = 54,626 BPS or Feathers. Then that character play time would be reset to 0
If a player has not reached RR5 in 60 days played, @ 60 days played his character played time gets reset to 0 and he loses no RPs.
Keep in mind, this is 60 days played, not 60 calendar days.
I am not sure if 60 is too high or low, was just a number i threw out there, I am sure the Devs would know average play times etc with their logs and can come up with something more exact. Find out average play time to RR5 and average to RR10 etc. Or the time played to RR12. I am sure there is a calculation that is pretty fair, except for the people that are still seeking street cred in a 20 year old game, they will of course complain. You can also, give a specific title for the RR you got to before reset, or how many RPS earned before resets, how many total resets...etc.
Don't bash it too much, give it a thought, i have been on a conference call all morning so it was a quick thought while listening to people who do not know how to end a sentence. HAHA