Equal opportunity

During a recent interview, MMA legend Dan Severn came up with one of the best ideas that I have heard of for a solution to all these older fighters wanting to stay - or get into - the cage.
Why not create a masters division for fighters 35 or 40 and older?
Seems simple, right? There are plenty of fighters in that category who want to continue their careers, but can't because most states won't allow people older than 35 in the cage.
I know in the past I've been an opponent to older fighters hanging on to their glory days or stepping into the octagon to prove something. But that was mainly because they are going up against younger fighters in better health and more fit for the sport. Of course, there are exceptions like Randy Couture, but most fighters over 35 don't belong in the cage anymore.
For those who can still fight, why not create a masters division? It could create a new demographic for MMA and let the "older" fighters continue their careers.
In my opinion, some rule changes should apply as well, like shorter rounds and more restrictions on striking.