Maybe it could be done at the state level?
But it wouldn't carry any weight in regards to those who hold elected federal office; i.e., Senators and Representatives. To limit them would take a Constitutional amendment.
Several states do in fact have term limits for their elected officials. And for the most part, they're a joke, as the same group of politicians simply play musical chairs/positions in state governments. Look at California as a prime example of that.
Problem is not so much the term limits as it is the fact that Congressmen/Senators are constantly fundraising. And to do so, they'll listen to the PACs that donate hundreds of thousands or millions to their campaign coffers before the schlubs like you and me who give them a couple hundred at most.
How to resolve this? Giving away "free" airtime, while it sounds nice, ain't the answer either. Candidate, particularly in close districts, will blow through their allotment and pour millions more into TV/news spots.