I think you might be overstating the risk of quality plummeting a little bit. The Global T20 Canada was the closest I've seen to that on TV, and even then the issue wasn't anything to do with the Canadian players not being good enough (Rodrigo Thomas, Ravinderpal Singh, Nitish Kumar, Saad Bin Zafar and Dillon Heyliger were all excellent) - the issue was with big-name players dialling it in for teams that didn't mean anything to them, in a venue that was not equipped to hold such an event.
If that had been a proper sports league, given the chance to establish itself, then there would have been far more love from fans for someone like Anton Devcich who visibly gave 100% than for someone like Dwayne Smith, who visibly didn't.
And as for
@Parth D saying about Sandeep Sharma, the reason he doesn't have a core group of fans like the "bigger names" is because holding a Super Auction every few years where teams can only retain the very biggest names creates a self-fulfilling prophecy where fans see all other players as transient. Jasprit Bumrah has played for only one IPL franchise; for Mumbai fans, he's their player.