Here's what I think should happen in the last episode: Begining a few episodes before Jerry should get meetings with NBC about getting his own show. In the last episode Jerry should get turned down, and either George or Kramer should get the show instead. Kramer should cut his hair, Elaine should marry Jerry, who has become utterly pathetic after looseing the show, and wont do comedy anymore. If George got the show, he could get women, and Kramer could perhaps get a real job and become responsible.
Those are just my thoughts.