Let's say Sliders came back, and Torme was involved. Given that he didnt even watch all of season 3 let alone 4 & 5, I can't see him worrying about the details of tying up loose ends... I think he'd have a mechanism that undid all the damage of later seasons. It became a different franchise midway through the third season. What was broadcast from that point on would not be the type of show that would get revived.
I would like to see Jerry take the lead on pitching a revival but from Slidecage's interview with him, he seems to be deferring on the show's creator to bring it back or let it lie dormant.
In my opinion a good, realistic way to bring it back (short of the principals doing so) would be as a book series primarily utilizing some or all of the original characters, along with some scripts worthy of audio-dramas in which actors would imitate the original actor's voices.
With books, the biggest issue is the market. In that form, you'd have to create a new generation of sliders fans (e.g. young adults).
I would love, love, love to see a kickstarter around a producing a teleplay for a well-done script though. With a script in place, the production costs would be in the $3-10k range - a realistic campaign goal that could be achieved.
I would also LOVE for Sliders to get some books similar to these:
http://www.amazon.com/Future-Noir-Makin … 0061053147
http://www.hassleinbooks.com/pages/book … meline.php
http://www.hassleinbooks.com/pages/book_bttfLexicon.php
http://www.hassleinbooks.com/pages/book_lostWho.php
http://www.barnesandnoble.com/w/timelin … 0615253923
http://www.barnesandnoble.com/w/from-al … 1453838921
There's certainly been some very capable writers in the community who would do a great job at creating books in this vein (not to mention there's already great material websites have that would be great in book form). The biggest issue would be there wouldn't be a lot of sales for books like these since Sliders doesn't have the following these other properties have.