I think, we should stop bringing IPL here - it's not necessary for PSL to be compared to anyone, rather it can be successful within it's own right. Think about Turkish Soccer league ...
Revenue is just a number - bottom line is, weather PSL is keeping it's market interest intact within a budget that it can earn and remain profitable. I don't see the discussion in that line - every discussion is about how much money is paid and how much more required .... money is resource here - the more, always the better, but somewhere it has to be tied. No shame even being 3rd or 4th or 5th as long as it's serving the purpose. You see, still CA has enough wealth both financially and talentwise - they give a damn about BBL, top Aussies often skip it and they don't even stop their National schedule for that. Is it second, third, fourth... 10th?
Regarding profitability, I put it other way - PSL will have to find a way to remain popular and earn profit as well. You back calculate the numbers, should be able to figure out the possible cash out flow - the end justifies the means.
At present, I don't like the way PSL is operating or perceived at PP. First, I don't like it to be the Pensioner's Super League - retired or Kolpak players without any future making easy money here. Just like Malik/Hafeez can bully inexperienced or substandard teams from their vast experience, these 35+ brigade are bullying PSL - do you ever think these Weise, Dunk or Samit, Tahir has any further International future or any hunger, or they can match-up their heroics of 5-6/10-12 years back?
So, first thing is PSL should change it's stand - bring young, aspirant International players who'll use PSL for their stepping stone for bigger deals at IPL or EPL - there shouldn't be any shame in that; Ajax Amsterdam has supplied super players throughout their history - they are proud of their academy, respected as well by others. Young, active players will give their 100% and they'll make their countrymen to follow PSL more - trust me, instead of washed up Tamim, Mahmudullah, Mushi, Shakib .. had PSL brought Liton, Taskin, Mustafiz or Saifuddin; it's interest would have been quadruple in BD, at least Tamims are still active Internationals ...... PSL is bringing retired or forgotten players at premium cost!!!!
Second thing is the realization with whom PSL is competing - not with IPL, CPL, BBL, BPL or EPL. There are several soccer leagues going around Europe at same time - that doesn't mean Apollon Limassol's fan stop watching their team when Liverpool is playing ManU. PSL is competing with International cricket - it won't get regular International players without a dedicated window, it can't pay enough to force a window.
Only fools would believe that ICC is helping IPL with a window - ICC was forced to do that because cricket boards couldn't handle their own players; so indirectly they asked ICC to give IPL a window to save their pride ..... 35 years back, English County season monopolized 5 months of year as such that from April to SEP, there were no cricket elsewhere - do you think ICC helped them? PSL should look for it's best interest for PAK cricket and as I said - the best time I see is arranging PSL during IPL - it'll save PAK domestics 2 months, PAK National team 2 months (otherwise they'll be sitting on Biryani during IPL for many, many years to come), and PSL will get better value for money.
These UHD streaming, gana bazana are useless staff - subject to economy of a system, no need to stress for that as long as cricket is good. Pay sweet, that shameless guy Adnan Sami will come to sing "PAK saar zamin ..." twice every day in PSL grounds. What people are interested is not the dance of half naked cheerleaders, for that we adults can go to striptease - people are interested to see the next emerging players from PAK and cricket as a whole .... PSL's official average age is worthy of the taunt : Pensioner's league and it's growing since most of those common faces are coming every years - a year senior than previous tournament.
So, implementing just few things can bring lot more quality & sustainability in PSL -
1. Proper Home & Away contest, preferably on better wickets & outfields
2. Young, active and hungry foreign recruits, MUST be active internationals
3. Position PSL as a platform for young players - French Liga 1 uses a slogan "the league of future stars" or something in that line. A youthful collection, both domestically and International - players who have a future and ambition. We can bash him always, but I'll like to see Musa Khan more than Rahat Ali, don't care who performs better, just one example. PSL can compete with IPL only on subjective parameters - youthfulness, emerging talents, hidden gems ..... these cheap shot of using former players telling how good PSL is compared to IPL sounds like empty vessels in seasoned ears of mine, when PAK cricket itself is sinking.
4. A selective draft to ensure local players are participating for their home town as much as possible. It's possible since the drafts are for fixed amount - put icon players for their town at least for 2-3 years when PSL is back at home - Babar for Lahore, Amir/Imad for Islamabad, Shaheen for Peshawar, Sarfraz for Karachi .... yes, six teams have to be balanced, but no harm in keeping couple of local icons.
5. Spread-out the last few games a bit more so that fans can enjoy the last minute's thrill - who makes the cut & who misses out. Using IPL window gives enough time without costing International schedule
After that, once the brand has it's own identity - put muscles in it - more investment, bigger pay cheque, global presence, may be dedicated window ..... The whole basket will get fatter, won't matter how much you are spending, as long as - the end justifies the means.