Well I think everyone who responds is going to answer this a little differently, it's entirely opinion based. And really, if you're the one speaking to this class you should go off of your opinions.
My take? I'd have a few jumping-off discussion points on the role of the stage manager in the collaborative process, managing people, group dynamics, etc... It seems to me that a lot of SM classes/programs focus almost solely on the black and white administrative part of the job and not nearly enough on the finer points of what an SM does. You can teach a monkey to call cues, create a calling script, track props; the art of balancing the broad range of personalities we encounter and creating a harmonious working environment is something that is focused on not nearly enough.
I was there today and gave the class the lowdown on structural things (rehearsal reports, contact lists, how a tech week functions, etc). Then had a question and answer portion.
I will return one more thing time this week and have an activity that does involve more creative thinking. Have studetns get into groups or pairs, give them a situation each (a real - life stage manager scenario) and have them come up with how they would deal with that, address it, resolve it...etc. Something like that.
I totally know what you mean though... how does one "teach" on something that is primarily taught by doing? That's something I always say when I am put in these situations. I help to offer the technical tools and structure, but a lot of the learning will be done on the field, because a lot of it is how we handle and communicate things personally and professionally.
I always use this site as a reference though. Because it's one of the most valuable stage management resources. I've learned a lot just by reading and discussing on the forum.