This, to me, seems like a simple demographic analysis. How many people outside a geographic area can/will identify with a team to the point of ponying up to watch them? Personally, I would quickly lose interest if they went that route.
Also, per that diagram above, in my lifetime I can see at least 4 teams that weren't even close to being on that list when I was younger. Yes, I now consider myself old. The point is winning and marketing make those teams and, at the same time can destroy those teams.
There's a reason the top $$$ haven't yet jumped into this. My guess is to first see how ESPN, Fox, and to some degree CBS make out. AND, of course, to see the ramifications of NIL.