Allow streamers to add a background to user-facing reward redemption buttons
Allow streamers to customize the background of the reward buttons, not just the icon, and make the icon optional. Right now the reward redemption buttons look very plain and too similar to one-another because they're just solid-colored shapes with tons of blank space. I would love to use an image to cover the entire body of the reward button, not just a small icon in the center. Not only would this allow the rewards to be more visually distinct from one-another, but it could be used to make cool visuals by combining the background and icon (i.e., a reward called "Choose what OW hero I play" could have an Overwatch icon with a blurred screenshot of Hanamura as the background).

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AlexTheGinger commented
I am a big fan of channel points, but I believe the interface makes it difficult for my viewers to understand all of the options that are available to them. A big contributing factor is the way that the rewards list is laid out - the rewards buttons are very samey, and a lot of the button is dedicated to empty space. I believe that by allowing streamers to to customize the rewards panel further, by applying background images and reformatting buttons to display as a vertical list, it will be easier for users to find the rewards they want.
I've done a mock-up of potential layouts, demonstrating how these features could be applied on the user-facing side: https://imgur.com/a/HWCLiB6