First off while u can compare franchising to other eSports version of it, riot way of doing it has already deviated since the start. It's not a buy-in franchise, it's a Riot-controlled franchise. If a team dares to milk the system and underperform u can bet riot would immediately take them out of the league, as they have mentioned they will change orgs in the league's every few years.
2nd off alot of ppl complain ABT this killing t2 but i don't see how that's the case? Riot is setting up VRL for basically everything and with an promotion system in place, yes a few top teams got shafted like optic and g2 ( tho this is obvious for reasons ).
The 30 teams that start it off are just that, starting teams, and underdogs stories can still form, but it won't be flops like tgrd since they will need consistency to perform for more than a year. Give it time, shit just got announced and people seem to forget alot of the safety nets that riot has put in place.
Side note people talking about low viewership for T2... Look at VRL or if u want even better example LOL Europe T2 leagues, they are pulling in crazy views