In a bid to reduce costs and also entice new manufacturers into the sport, it is planned to introduce more standard parts, while simplifying the engines, a move that will mean the removal of the MGU-H.
Acknowledging the technical achievement of the new formula introduced in 2014, Todt admits that perhaps it went too far in terms of its technical complexity.
"I think we wanted to take as much as we learned from the existing regulations, and try to make things more simply," he said.
"It's a beautiful piece of art, of technology," he continued, "but I hear, well, that it's maybe not what the fans are expecting. It's not something that is absolutely needed to have a good championship.
"So I think it's important that we can learn out of it, and propose something which is supposed to be more simple.
"For me, motorsport, and I have been saying that every time, is on one side a show, but it is not enough, it has to be also a laboratory," he admitted. "A laboratory for the manufacturers, a laboratory for the teams, and a laboratory which can then be profitable on road cars as much as we can. And it is what is happening.
"Saying that, if you think that it has been maybe a bit too far, you must be prepared to go a bit backwards.
"At the end of the day I'm sure that over the years the engine will be even more efficient without MGU-H," he insists.
"We are progressing quite well on the engine," he said of the 2020 formula, the initial proposal for which has already unsettled both Ferrari and Mercedes. "I mean we are close to respecting the deadline we have to publish the engine regulations for 2021, and I hope that it may create some interest for some new manufacturers.
"There is interest, but between interest and commitment, there's a big difference," he admitted.