Plus, if they get to this proposed 10 team league they will have less matches next season therefore they will have less revenue.
No matter which way they spin it, a cup competition with the championship, as mentioned by the Cov Rugby Chairman, will not have the same appeal to spectators as a proper prem game against Wasps or Worcester (or potentially Newcastle or Irish), as i suspect they will have the academy lads out playing in those, not the 1st team.
The prem is definitely in freefall and no-one seems to be pulling the cord.