Its an interesting topic, isn't it.
How to divert funds into markets where there is potential for high growth, but not at the expense of keeping the existing long term markets.
I am not sure there would ever be an algorithm that would satisfy everyone.
One item that would be difficult to justify big investment is that it has a very low market share which puts it (from an investment perspective) at the riskier end of the spectrum.
On the other hand it has a potential for significant market growth, as Perth is a rapidly growing city, which surely must be demanding more and varied sports and entertainment. That puts it into an educated gamble sort of category.
If the ARU were in a position where we had just hosted a world cup and flushed with cash, I would imagine that the option would be to invest some serious cash into the gamble in order to try to reap the rewards (which is probably what happened and why the Force exist today).
If they were broke (which they appear to be), then the decision would be more towards the conservative, which would be to stick with what they know.
It isn't Queensland, either. It is NSW. That is their focus, as it is where the largest market is, the most "fans", the biggest potential dividend, the least amount of effort to convince people to come on board (it is a QLD and NSW sport more than any of the other states after all), and also the place to get the biggest ratings (if waratahs are doing well, watch the foxtel ratings - its because they have the most subscribers).
What better way to get more foxtel money, than to showcase higher ratings?
I'd invest most heavily into the rebels, myself, but only because the Melbourne people traditionally love their sports and will follow anything that is sport related, win lose or draw and it is the second largest city with a huge market that makes even a small market percentage a very large market indeed.
But I have witnessed the Force fans first hand, and I have to say they are very passionate about their team, and there's no way I would venture to suggest that they are not deserving of more.