Hypothetically speaking, if the players started their own league, they would, I am sure, become part owners as well as being players.
So short term they would make less money, maybe a lot less. But if this new league became successful, long term they this group of players would benefit much more than the money they lose out on now and they could structure a system that would address the needs and future of all incoming players.
Yeah, I know that's a utopian way of looking at things but it is also a capitalistic way of looking at things. Lose the money now by investing in the new league and if successful, reap the rewards later.
Personally, I don't think they could pull it off but I don't think they should throw the idea away either. It could work if they get proper guidance and some crafty businessmen involved initially.