It is a really good idea, if implemented properly. I was thinking something like this (I'll use the hockey Green card, as orange is a bit weird and too similar to yellow and red). GETTING A GREEN CARD Green card is for similar offences to a yellow today IF a player gets a second Green card, then they get a yellow card. That is a 10 minute sin binning. IF a player gets a third Green card, that is a Red Card (off till the end of the game and 1 game suspension). GETTING A YELLOW CARD Receiving a straight yellow would be for pretty serious offences that would be similar to auto-red with 1 game suspension today. Things like a professional foul when the last defender, a poorly timed (but not reckless or aggressive) challenge etc. IF a player get a straight yellow, it is a 10 minute sin binning. IF a player has already received a Green, it is a minimum 10 minute sin binning (up to ref to bring the player back on, could be off for the rest of the game if deemed appropriate). IF a player receives a Green after receiving a yellow, it is a Red Card (off till the end of the game and 1 game suspension). IF a player receives a second yellow, it is a Red Card (off till the end of the game and 3 game suspension). GETTING A RED CARD Receiving a straight Red Card would be for the most serious offences, studs up, reckless and aggressive challenges. IF a player receives a straight Red Card, they are off till the end of the game with a 3 game suspension.
I agree that a penalty and a red is harsh, but I don't think you even need an extra card for that. What's wrong with a yellow for the one inside the area?
Green cards for time wasting, shirt removal, no moving back, obstruction, simulation and holding type offences. Example if the rules changed, at a corner a defender is holding onto a striker whilst the ball is out of play, this could be a green card offence and the defender is formally warned. He isn't going to do it again and risk being sent to the sin bin