Man, are you in the US? There is no mechanical protection whatsoever on that main cable coming in, and it is miles from conforming to code. Another option would be to set a main breaker under the meter, change out the feeder so that it is protected, and then feed that wire into the lugs where the romex is now terminated. You could then use the breaker space that is currently being used as a main breaker to feed another panel as I said above.