I think there has been an effective franchise model in operation for years. Saracens, Wasps and Irish all played away from London. And during the 2000s there were the 13 clubs who controlled all the Premiership Rugby Ltd A and B shares (you know who they are!). The thirteenth club played in the Division 1 but because they were still a shareholder they also got a massive payout, inevitably won the 1st division and were promoted back in the premiership. And even if they didn't win rules meant that clubs without facilities meeting a certain standard were not allowed to be promoted. The thirteen clubs were distributed across the country, with the only significant absences in East Anglia, the south coast and the far SW. All the major cities/conurbations had a team within an hours drive. The RFU was very happy to support this model!
This all changed when Exeter beat Bristol in the Championship final (despite not winning the league), and managed not to get relegated the following season. However ironically their success opened up the possibly of London Welsh moving to Oxford in order to chase the Premiership dream, and this has allowed Wasps to move to Coventry with no questions asked.
The team I feel sorry for is Coventry RFC, once one of the best teams in the UK, whose name we will probably never see grace the premiership again. I don't have much sympathy for Worcester though, as Birmingham is much better served by (the also historically great) Moseley.
There has been discussions on some Irish Rugby forums about having a London based PRO12 Franchise, the primary one being London Irish, primarily because of the large Irish diaspora, and also to get up the noses of the PRL/RFU who do not get many bouquets this side of the Irish Sea. (The nickname for London Irish here is the Not-Nots, Not London, Not Irish). That's a none runner. Irish and Welsh do have the feel of being franchises, but not Saracens. Despite the large amount of hatred for Nigel Wray, (and boy, does he come in for some dogs abuse from many Irish Rugby fans). he has invested time, money and effort to move Sarries back to Barnet, and that can only be a positive.
Exeter have been a breath of fresh air in the Premiership. Have visited Sandy Park once, when Leinster played them in a HEC game. (A journey from hell. My first flight was cancelled, as was the rearranged flight due to snow at Heathrow. Ended up on the overnight ferry to Holyhead. Took 90 minutes for the coach to take us from the Ferry to Holyhead Station, due to the snow and North Wales Police not letting any HGV's leave te port due to the dangerous road conditions. Even with the snow over the top of the rails in places, I made it down to Exeter earlier than my original plans. Network Rail and the TOC's did a magnificent job that day). That had to be the coldest game I had ever been to, but the Exeter fans were a credit to their team. Don't think I bought a drink that evening, as the local support, on hearing on how difficult it had been for us to get there took us in as their own. Much banter was had in the stands, ably helped by a very generous Exeter supporter sharing the contents of his hip flask with all and sundry around him. A great occasion.
I don't really know what to feel about Wasps. Although I never followed Rugby in my early days, (It wasn't until a friend took me to see Saracens that I got the bug), Wasps should be the team I should follow, being a Bucks boy of West London parentage. Saracens get my vote as my English team to follow, but now having lived in Dublin for over a decade, and wanting to watch a Professional team sport, (I hate Soccer and GAA with a passion), Leinster are the only choice. Two of my best mates, (one sadly no longer with us), are/were Wasps fans. During Wasps glory years I would arrange the Sarries v Wasps tickets and they the reverse fixture. When Wasps were in Dublin (playing Munster and Leinster), they would stay over. When Wasps made the HEC finals, they ensured I had a ticket, although they had no interest when I offered the reciprocal arrangements for Leinsters three HEC finals. The big thing for them was Wasps Community set up in Bucks and South Herts, and the tie in with their local Rugby club. That seems to be under threat with the move to Coventry.
The feeling coming through the Wasps forum is that the long term supporters may well gravitate back to the amateur scene and support Wasps FC in Acton. I think the seeds of Wasps current predicament can be traced back to the Loftus Road move and the break from the amateur club. Wray has stuck by Saracens through thick and thin and seems to have had a long term vision. Wasps have lacked that. What would I do if I were a Wasps fan? I would most likely to change my allegience to Ealing Trailfinders. They are close enough to Wasps ancestral home to follow and are in the upper echelons of English Rugby. I could not support a team that treated me as a fan, (and someone who might have spent a lot of money following them), so shabbily over the last few weeks. If Leinster did the equivelent, and knowing how much I have spent being a season ticket holder and a regular to many away PRO12 and HEC games, I would certainly walk away and go back to my first love of Motorcycle Road Racing and follow individuals, rather than a team.