I don't think anything would be off the table yet. 

Can you explain a few details about this option? 

Are you suggesting that every registry have a separate contract with the IANA operator; and that if there is ever a need to change the IANA operator, every registry re-contracts the new IANA operator as collectively decided by the community? 

If I understand what you are suggesting correctly, I'm curious whether the ccTLDs would agree to having a direct contract with the IANA operator; and whether it increases the chances of fragmentation if a subset of the registries decide to contract someone else; and whether the transaction costs of multiple contracts would be lower than the transaction costs of maintaining a company with a single contract?