The final group has the best solution: start all over, with or without the Liberal party apparatus supporting the effort. Invite everyone from Preston Manning to Roy Romanow to discuss how they led change.
More important, have an honest, open discussion with Albertans about the kind of change they want to see: fiscally conservative and socially responsible? Ask them what could be improved in the province: less corruption and cronyism, a bolder vision for the future, much more environmental responsibility?
Use the results to form something new. My guess is that it will look a lot like the current Alberta Liberals, whose platform was always much more popular than their party, but maybe not. What I do know is that it will reflect what voters want, not what elites think they should have.