Nintendo Power's problem wasn't a lack of good talent. It was that print magazines are going obsolete, and it's harder than ever to convince people to pay for content when gaming news hits the internet literally the minute anything is announced.
Maybe if there were an officially-sanctioned Nintendo magazine that came with a Playstation Plus-style service it would stand a chance (e.g. join Nintendo Power for $20/year, get discounts on downloadable games, bonus content for Nintendo's built-in games, a special designation on your profile, etc.)
But the idea that you can throw together a team of people to write about video games, and convince people to pay for it, seems rather outdated.