Potentially controversial:
The game should ship with only the two options "Byzantium" and "Eastern Roman Empire" as a game rule, like currently.
Then, every couple patches, a new option shall be added. Basileia ton Rhomaion, Rhomania, Empire of the Romans... then when reasonable options have run out, sillier ones like "Unholy Roman Empire", "Roman Empire 2.0.", "Rome, not the first, but before the third ", "Where all roads lead to (except the ones that don't)", "Successor state of the glorious Latin Empire", "Claimants to the rights of the righteous rulers in Trebizond"... and even possibly ones that could appear in reaction to the current game state, for instance "Actually Holy Roman Empire" if the HRE were to be dissolved. With a properly caustic description under each option in the rules menu, of course. In short, this country's name shall become the new comet event.
Then, when the final patch comes, all those options shall be disabled. The game rule shall have as its one and only option some hideous fusion of as many names as the devs can manage. Like "Unholy Rhomanian Basileia of Eastern Byztantinople".
Also, said final patch shall be patch 1.45.3.
That's it. This was my contribution to the debate. *silently folds back into the mass of anonymous lurkers*