But the only way that could realistically happen is if a large corporation or a wealthy individual bought the local club and replaced all of it’s players with significantly more expensive ones and I don’t see what’s particularly appealing about that.

The closed American leagues are actually much fairer at least to the teams that are in them, TV money is split more evenly, there are caps on how much money can be spent on players and the teams at the bottom of the league table get more chances to acquire the more talented players due to the draft systems. Whereas in European football the pretty much the only thing that matters is how much money a club has to spend.