By the time Commodore collapsed there was nothing left to do, the game was lost, momentum had gone to other players.
You haven´t seen Dave Haynies "Deathbed Vigil", have you? Commodore USA had a lot of smart guys till the last day. They had new products in the pipeline. Linux wasn´t ready for end users and Windows 3.11 didn´t run any important game.
If Commodore had announced a reasonaby fast, Internet-ready Amiga with dedicated 3D-hardware in 1995, they could have sold a lot of them in Europe. The PC had a lot of momentum, but they weren´t moving as fast as it looked on first sight. Apple was completely out of touch with reality those days. They sold boxes with PC-like specs for twice the price and called underpowered boxes "classic" to make up for their deficiencies.
So: offer new hardware that matches PC performance and sell them to a price that doesn´t look like Apple. Bundle some internet software and make it easy to use (ask AOL). Let the world know that you don´t just want to rip off current customers, but extend the market to new, young users and give them a platform they will continue to use in the new millenium. Unfortunately everyone thought there was more money to be made selling cheap PCs than to have your own R&D.

And maybe this was right, but: If making a small profit for 15 years by selling good Amigas is what you want, you shouldn`t look at the PC guys making 10 times as much now but are completely gone three years later.