You're assuming a great deal of factors...
That athletes the calliber of Jay, Melvin, etc would actually want to compete for another fed.
That there is enough fan interest to support more than one fed. (IMO, there clearly is not)
That there is enough supp company interest and ROI, to support another fed (see above) as evidenced by the lack of both at the NOC....
That the athletes would want to work for Wayne...they don't.
your logic is flawed, and i think you know it too.
If top half guys want to do it and clean up all the cash, fine. More money in IFBB guys' pockets.
If top half guys decline and lower half guys do it and get all the money, fine. More money in the IFBB guys' pockets.
And no offense, but Wayne looks like a big bowl of cherries to guys that haven't won a penny in two year of competing in the IFBB

You're forgetting that you have a BBing.com contract and don't starve like some of these guys. Guys are hungry. Raising O prize money doesn't work, cause the same 4 are at the top anyway to feel all the money to go with their weider deals, and in order to qualify at the O, you have to get past things like King stealing 4th at the Montreal.
Fact is, guys are broke, bob. They want to earn money. why block em?