The only people that actually want this are the Welsh. The URC is working well, the prem needs to reign in the spending, and the Champions Cup needs to change to a format people understand. I’d go full knock out like a football cup personally. Sorted, no B&I league needed. But I do suspect NZ and Aus would like to see SA back in Super Rugby
Argentina has a couple of clubs in SRA, weirdly there’s also a USA based club. I wonder if there’s a a bit of friction between that comp and MLR. To be honest, I worry about the latter’s competitiveness given the age of some of the veterans still playing, and how many never would be Super Rugby players are so good in it. Having said that, it probably is about as good as SRA so a champions cup style thing ought to work for them if it’s financially viable.