Black Cleaver is too cheap for its passive and the passive isn't satisfying; let's make it more fun!
Don't get me wrong - this puppy is powerful. Powerful enough to be bought as the only offensive item in a build all the way up to the LCS.
But, simply put, that's the problem. It's a very boring item! You build it on tanky physical dps or on particular marksmen. That's it and that's all. Let's make it cooler!
It's too similar of a stat-stick when compared to Mortal Reminder, except rather than be tailored as an anti-item it's just a stat-stick for tanks. There isn't an inherent difference between the two except that BC makes it easier for marksman to kill a target regardless of whether they have a lot of sustain.
If BC were priced at 3300 or 3350 - and of course buffed to compensate - it would become both a more invested and threatening of a pickup, rather than just being a "my abilities deal physical damage, I should buy this" item like it currently is. The current BC requires 6 physical attacks in order to shred 24% armor. That isn't all that exciting - I propose that it take 5 attacks to shred 25%! Faster, more powerful armor reduction like that would make BC much more threatening and exciting, and a mechanic that would actually be worth playing around. Also, for the sake of making it more of an investment it should give a little more AD than it currently does; +5 AD (LUL) might not be egregious. Finally, adding a Longsword to the build path would make it more comfortable to build into while compensating for the higher price and giving reason for the finished item's 45 AD.
Don't get me wrong x2 - this wouldn't stop Urgot or any other beefy AD's from buying it. Rather it would make their playstyle more interesting and entertaining when he finishes the item, as in he and his ilk would become an incredible threat. Also it would offer some agency, as there would be a bigger window upon buying this item that leaves the champion fairly squishy, which would be the reason NOT to buy (or at least rush) the new BC. It might find a place in early AD assassins' builds as well, especially when on a team with multiple marksmen/assassins.
TL;DR: Make
cost more, give faster stacking pen, increase AD a bit, add a Longsword to the build path.

is only 733g more. its the most expensive item in game.