Esquire vids were always a good exmaple of how content could be.
more polished version of this, keep the shadows, don't go insane with the depth of field, boost the real lighting, don't create light, use led panels
Less dark makeup and lingerie and more real wear.
think maxim/esquire
https://www.youtube.com/watch?v=WBVsaNToG64
https://www.youtube.com/watch?v=aSPQQ57KRQA
Their 'Me In My Place' was a good example of what content could be too
https://www.youtube.com/watch?v=vknUgcEAEAQ
Actually all esquire vids are great, instead of playboy doing strange questionnaires that they give to just about every model. you could create a unique styled video with each, like any of these me in my place or esquire videos. but they dont. i dont think they have the right people in place to execute any of these , or the people with the vision and ability to translate these to adult. they could, playboy could get anybody they want due to their brand and at a very reasonable rate. (and the content would translate to more sales which makes any small increase justifiable)
Again i repeat that im not suggesting playboy should just duplicate any of these but what i can say is that these are closer to what content should be and alot of versions of content they could take alot of ideas from to be more modern
It would obviously require a long transition but they could incorporate one thing at a time and have it quite a bit different in say 18-24 months