Fisheries management is a complicated tool for sure but a few provinces seem to have come up with some good ideas. When I lived in Ontario I was 40 minutes from the QC border and about a 90 minute drive to what were called Zec Zones. These were specially regulated areas for both fishing and hunting and the fishing and hunting in them was amazing. The Zec closest to us had a number of lakes with Lake Trout, Brookies, Walleye, Northern Pike and Bass. Fishing in the Zecs required a Zec license. All fish caught and kept required mandatory immediate reporting. Once or if a lake reached a quota of a particular species that lake was closed to fishing that species immediately and did not open again until the next seasons opener.
When I lived in BC some lakes required special licenses and had annual catch quotas for Lake Trout or particular strains of Rainbow Trout. You had a license you cut out the date and species of your catch and you had better have cut out the notch in the license if you had a fish in your possession or you were going to pay dearly! When you reached your quota you could not retain any more fish of those species on that water for the year.
It would be very easy to implement those types of measures in AB imo. Personally I do not fish AB waters or buy an AB license even though I live here. As I live on the AB/SK border it's in my best interest to fish SK waters so I buy a SK license. The only water I fish in AB is Cold Lake and since it's divided between AB and SK my SK license is valid there. Cold Lake is fun to fish and of course easy to access and drive to for a day trip but you have to fish it with the mindset it's going to pretty much be C&R. When we decided to fish Lakers we can keep we got to SK.
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