It is bad for business. The owners won't allow it. According to the Economist, 43 of the top 50 most valuable sports teams are in North America because of the closed system.

In an 'open' system like European soccer, owners are forced to spend massively on player salaries to avoid relegation.

The fans may have revolted but the advocates of the 'Super league' were looking out for their own interests. There have been many more bankruptcies in European sports due to the inherent nature of that system. See this:

https://www.economist.com/business/2021/04/22/europes-super-...