How about this as a possible scenario, post the Philadelphia meet.
"Michael, we are starting to get dangerously low on money here - we understood the prize money expenditure and the athlete salaries/appearance money, but it seems we totally underestimated how much the travel, accommodation and actual cost of operating even one day of a track meet is - and we have three, PER SLAM. On top of that we have next to no revenue coming in to offset any of these costs."
Johnson: "Did cutting these last two meets back to 2 days and saving 100k total across the "long distance" groups help?"
"Yes but it's not enough. Look if you run this final meet in LA with the way things are trending, you might totally exhaust any capital left and then this represents a problem with respect to the fixed contracts you have with athletes like Sydney and Josh who you still owe quite a lot of money to".
Johnson: "Oh, okay. So what now".
"Cancel the LA meet. With the stuff happening there right now, maybe some people will jump to a plausible conclusion that there is a good reason to do this and you won't even need to say anything. It will leave you with a little bit of capital and this will give you 10 months or so to find a sponsor, sign a media deal, get more funding. If you can, you relaunch the league next spring with a new format, but we suggest you actually get some track people in to help you, and for Gods sake this time Michael, just listen instead of thinking you know it all. If you can't, you take the money that is left, pay out the contracts you signed so you don't get sued, and you disappear".
Johnson: "Yep".
This is a sad day for the sport and the saddest part is that it was foreseeable. The worst part is that with respect to the sport in the US looking forwards, it is unlikely that it will ever be given such a chance again with respect to the money involved, and the one chance it was given was cratered by a guy who I always personally felt was more about justifying his ego (just look at the website and all the "Olympic Hero" BS) than he was "saving track" as was his claim. Johnson was a great athlete in this sport, but that doesn't by default mean you know everything about the sport including running a track league or anything to do with the commercial/business side of it - but then again it seems like this is the curse of the modern athlete that seems to need podcasts, youtube channels, their own leagues to remain relevant post career these days.
Prior to this starting I thought it would survive two seasons. After Miami I thought this would be it. I truly can't believe how dire this must be internally for it to only survive 3/4 of a season.