The more I think about this, the more I scratch my head.
4 teams of 40 (?) players each is 160 players. Making $50,000 each. That's $8 million right there. They're talking about giving these players substantial benefits, internships, and the like. That plus worker's comp, insurance, and other employment related costs could easily come out to another $4 million. That's before you pay a single coach, ref, vendor or usher. Let alone facilities expenses.
I can't imagine a yearly budget south of $30 million. Where's that money coming from? Ticket sales? Television contracts?
Look at the Conference USA as the current model of the highest level of football nobody cares about. They make about $300-$400k per football game from their various tv outlets. So our new football league has an inventory of 16 regular season games plus, I'd assume, 3 playoff games. That's 19 x $400k = $7.6 million. If you get 20,000 people to show up, paying $20 a ticket for those 19 games, you've got another $7.6 million.
Even if they make what I think are my pretty optimistic numbers, I don't see how you keep a football league afloat on about $15 million in revenue a year.