I think they should keep COD points but let you only use them in order to purchase custom emblem art. Like Black Ops allowed you to do, but instead only give 5 cod points or so per kill or objective completed and make each piece worth 150 or something along those lines, however when you prestige you still keep them and your points from before.
Then with that you could still keep wager matches, wager matches would be used to bet those points in order to help one attempt to gain these emblem parts faster. Say rounds like, bet 10 max, 50 max, and high stakes 100 max. Say winner of a low game would get 30, next guy 20, next guy 12, then for 50 essentially the same thing. Probably instead of 50 and 100 though I'd say 25 and 40... don't know... just a suggestion.