I took a foam diamond plate pattern floor mat and cut it up to fit inside a burlap sack (from Tractor Supply). Then an old rug fit in the middle. Next I put that filled burlap sack into another sack, and zip tied the opening so the filling wouldnt fall out.
Less than $20, and I think my arrows go about 4" in, so when the one side is worn out, i can turn it. And the arrows just seperate the burlap fibers, so they dont really tear. Just gotta make sure I keep your shots within the burlap target, or it will hit a cinder block wall.
I imagine a few layers of carpet will work, perhaps let them hang loosely to distribute the shock from the arrow.