What I think Olaf needs right now,

is an AD only Rageblade equivalent. Rageblade is in a bad state right now. According to LoLKing, only Kayle and Jax build it on more than 1% of their games (60% Kayle and 27% Jax), and the overall statistic for usage per game is <.75%. If a weapon is so unpopular, we should rework it, and with the new Olaf and his underpowered-ness, I feel that making it AD only would give him the boost he needs to feel a little more competitive. Rageblade and it's mechanics also mesh really well with his identity. A barbarian is happiest when he is always hitting things, and Rageblade is happiest when you're always hitting things too.

I know people want to keep it around so as to not crush the identity of the few hybrids out there, but hybrids are in an awkward place in this game, and there are threads for that topic elsewhere. Making it AD, or moving the lifeguard passive to another AD only item, would really help out Olaf.