I think people blame franchising for stuff that isn't the system's fault.
People love to pretend things were so much better before franchising but the reality is, that there were only that many teams investing the money because of the possibility of them getting franchised. It makes complete sense that we would see a crash of the T2 system because this year teams that played in Tier 2 were spending like they were Tier 1 teams.
There's a big disparity between what people expect the second division to be and what Riot wants for their esports. They're not prioritizing meritocracy, they prioritize long term stable orgs who can bring fans and money into the ecosystem.
In the long term, I think having more yearly promotions is a good measure to implement. Fixing the calendar (something riot did do for 2024) is also a huge improvement.
I think it's just that orgs have been spending way too much for what's financially feasible and lots of players have the wrong perception of what Tier 2 means in Riot's eyes. It should never be a place to stay, rather a way to get into tier 1.
Lots of people are gonna disagree with my take that franchising is actually better for the long term survival of the esport, but that's just my opinion lol