I'm a reasonable person. I believe that if you have more than five stat changes, it's too much. So, I'll get right to it: my suggestions with explanations.

PROS:

+75% blast radius
This includes launching height/power. The main purpose of this weapon will be just as the name describes it to be: crowd control. This can be good for pushing back classes which have you or a teammate in a bad spot. You can also hit someone from any angle--even from above--with this weapon, and it will still push them backwards and slightly upwards.This pro is compensated for in the fact that Pyros can still airblast this back at you, launching you wherever instead--possibly closer to the enemy or off a cliff!

CONS:

-83% clip size / One shot per clip
With great launching power comes great responsibility. It is your duty to make sure every shot counts. With the same capacity as a stock grenade launcher and this small of a clip size, it's in your best interest to be decisive with your firing. This will slightly discourage spamming or misuse of the weapon.

-50% damage
An expected debuff. If you can easily separate a Medic-Heavy duo, it would be unfair to also be the normal powerhouse a Demoman usually is. However, like the Scorch Shot, it has a much larger hit radius on explosion--another plus in firing at more than one enemy. Keep in mind that the damage is still rendered as a crit if it is airblasted back at you, but the pushback is only increased 25%, since it is already so well-endowed in this aspect.

So, three changes. Clean, simple, and effective. What do you guys say? I'd like only feedback on the changes I have suggested, not additions to the current list--but I can't stop you if you really need to do so. Swap ideas are okay.