I don’t know if it’s a good comparison, but this model works fine for the NFL.
And that model is a complete disaster for other attempted football league.
The P2 model with 30 some teams removes all the product differentiation from the NFL. Then it’s just the NFL with much lower quality football.
CFB succeeds because it has (well had) great matchups that are largely regional, yet with enough interest nationally because there are fans across the country whose teams are “in the club.” Cutting out good fanbases that watch games and entire states and regions from the club is a risk.
The way the SEC and Big 10 maximize $ is to keep these leagues and teams in the club and throw a playoff access bone, but dominate the playoff spots. Let’s say a P3 with 60 teams and 8 playoff spots. An auto bid for each of the 3 and 5 at large that are dominated by the SEC and Big 10.