For each player that has less than 2000 favor total, increase their total favor to 2000.
What I'm basically saying is that instead of resetting to 0, reset to the point where everyone can get 1 favor item of their choice right off the bat (Or a few cheaper ones).
Why? Because those who really just want their "X" item back can get it, and don't have to have that sinking feeling of not being able to play the game the same way anymore.