ACP and FIDE have discussed the possibility of creating a new title, superior to the Grandmaster title. Due to the continuous devaluation of the GM title over the years, this idea has already been suggested many times in the past. The ACP and FIDE are open to any outside feedback and suggestions, as to whether this is a necessary step and which criteria could be used to define this new title. ACP and FIDE agree on the basic premise that if implemented, this title should be a very exclusive one.
Though an interesting proposal, for the moment I shall say that it is an unnecessary step. Better that we ask ourselves exactly how the title is supposedly being devalued. Is earning the GM-ship too easy? I don't know, but if so, then maybe the answer lies in tightening the titles regulations? Creating a whole new title, apparently in response to some devaluation of the GM-ship, just doesn't quite address the problem.
In response to the ACP-FIDE discussion on new titles, Yasser Seirawan said it best: "Such discussions make no sense to me. Professional players do not need flowery titles. They need to earn money". Amen to that!