I think we should have

Penalty for foul play (not technical offences like offside, ball steal etc) gets you 1 point, Sin Bin gets you 2 points, and Sending off 6pts.

When a player tots up 12 points he gets a 1 match ban, 18 points another match ban, 24 points another match ban. If you go over 28 points you get a 2 match ban then your slate is wiped clean.

Thats inconsistent though. You don't want technical offences taken into consideration, but a sin binning gets you 2 points. What happens when you get sin binned for a technical offence?

I think the RFL should change the rules on when a ref can put a player on report. In my opinion if a player commits a foul the options available to the ref should be the following:
1. Penalty to the opposition.
2. Penalty to the opposition and yellow card for the offender.
3. Penalty to the opposition and red card for the offender.
4. Penalty to the opposition, red card for the offender, and incident on report (because it was particularly malicious / caused injury / brought the game into disrepute etc).

How about...

Tech. Infringement = 10 yards
Penalty = 2 points and 10 yards to the opposition
Repeat both of the above as and when required . If the ball crosses the defence try line the try is awarded .
Yellow card = 6 points . Get as many as you like in a match , you giving the opposition 6 points every time . I am certain the offender's teammates and coach will remove persistant offenders from the field of play .
Red =10 points and 1 match .

Problem with any system is that it is open to errors , abuse , and (dare i say it) bias .