As others have pointed out, the main question is where the money comes from.
$10 million annual salary for players, plus front office, plus venues, plus coaches, uniforms, equipment, plus, plus, plus. Per year.
No way the gate makes this work. Has to have television of some sort. Which has, in turn, to be supported by advertisers, which has in turn to be supported by eyeballs on screens of whatever description. Which I don't think will happen.
Take a look at the top 250 high school recruits of 2011. You'll recognize several names. But the overwhelming majority will be totally unfamiliar.
Point being even if 100% of the whole league's roster came from the elite of the elite, it still wouldn't make for football worth watching. It's a idea that plays well in the 140-character world of today. But it'll get dope-slapped by cold reality and quckly fade.