The real life counter to that argument is NASCAR. NASCAR was printing money and on pace to approach the #1 spot in viewership (albeit...on pace if the growth continued, that was always in question...but it's undeniable that they had stellar growth) in the late 90's and early 2000's. Now, they're consistently losing viewership, and it's 2 fold:
First, they effed with the championship points...repeatedly. Started with 'the chase' after Kenseth had it wrapped up before the last race...the new fans and the consultants (probably) said it wasn't dramatic enough...it's not like the playoffs where it reaches a crescendo, they said...then the superstar (Dale Jr.) didn't make the chase from 11th or 12, I think, then poof...chase is expanded. Then people who won a lot of races and tanked in the rest missed the chase or got a crappy seed. But wait, it's supposed to be about winning...queue another change.
2nd, they broadstroke effed with the cars...repeatedly. Make a level playing field for all the teams was the mantra there, clamped down on the body shape (although admittedly they were getting comical with the roof lines and fender bumpouts), and you can only have so many cars per team...so now, there's so little wiggle room, the huge teams are the only ones who can spend the money to get a little extra, and the drop in viewership has bankrupted the small teams...the only ones remaining are the 'associates' that are basically the extra teams spun off from or completely beholden to the huge owners.
uhh...sorry...\rant....I used to be a fan, haven't watched a race with any sense of giving a **** in a couple years.
But yes, you can fix what isn't broken, sometimes, but you can also break the **** out of it.