Problem is much more systemic, the game just isnt that popular, and isnt gaining popularity at the rate of other sports. It is enjoyed by mostly older men, and isnt played in most state schools.
Problem with the franchise model is, you could have a billionaire buy a franchise for manchester, birmingham, rotherham... and you arent going to magic up a fanbase, you need to actualy grow the game, get people interested. France have done a lot of smart things for their domestic games, but by far one of the smartest things is having one game a week being on free to air TV built into their massive TV deals.
Rugby is a fantastic game, if it was easier to follow and shown to more people it would pop, you see its popularity spike every six nations and WC because more people can watch it, if people could actually watch the prem without having to buy into endless subscriptions that may be worth it if you are a die hard fan, but of putting if you are trying to get into the sport outside of international windows.
If you get excitment, and show it is a growing market, not stuck to a capped number as is in very localised areas and you could see major investment like france has down their pyramid, once you start having people see it as a money maker it doesnt matter if its a pyramid or franchise the gam is more stable.
Currently? its a niche week to week sport, followed by predominately one demographic, in only certain pockets of the country with most current prem teams showing there is no money to be made and no evidence that it is changing or can be changed by growing interest from the public. So it doesnt matter what you do, its all plasters over something that needs stitches.