I would accept option 4 if it got me on the river. However, my preferred option would be a modification to #3 (see below).

I would propose a C&R selective gear fishery (no bait, no barbs, no scent) and no angling from boats under power. These regulations would substantially minimize the number of encounters with wild steelhead compared to a normal harvest fishery, which is the intent of the fishery in the first place but still allow considerable opportunity for those willing to pay/play. This option was selected as a "middle of the road" scenario based on the fishers likely to participate and conveniently corresponds with my fishing preferences.

Next I would run some figures, estimating how many encounters with wild steelhead this fishery would generate and apply some sort of mortality rate. Say you open a 45 day season (March 1 to April 15 for example) and you have 50 anglers per day participating, generating 2250 angler days. Then you apply an angler success rate of 1 fish per day, thereby exploiting 2250 fish and less than 50% of the return. Next apply a C&R mortality rate of 5% and you will kill 112 fish with the fishery. Even if you double the success rate or double the angler days, your still at 225 dead fish and under the allowable threshold.

I would charge $100 for a 45-day seasonal pass, not unlike an expensive Columbia River endorsement. If you sell 500 (I have no idea if that is realistic or not but that would correspond to about 4.5 days per pass sold, using the 2250 angler days figure) you would generate a little revenue to help with creel checkers and enforcement issues, thereby satisfying NMFS compliance with the take permit. Regarding guides, I'd want to put some sort of limit on the number of guides and the number of rod days but that would be open for discussion.

Finally, (this is probably not feasible), I'd pass some laws, substantially increasing the poaching penalties and fines, say with a $10,000 fine for possessing any wild steelhead and forfeiting all equipment/vehicles, etc.

I'd jump at the opportunity if this were applied to the Skagit/Sauk.