Also, listen to what you just said "if I only have to get lucky a few times in a row to get LAST place....." You just helped my point. In pool you'd have to get very "lucky" just to place at the BOTTOM. Who wants to go spend money to try to get lucky to make a nickel??? Not very many people.....
Yes, I'd have to get very luck to place at the bottom, in a field full of pros, and mostly pros. That's why I don't enter tournaments now. But we're discussing something different, I think. Something new. In a format similar to the WPT, there would be more placing spots than there would be pros. Leaving room for some of us mortals to snag up the crumbs.
I'm really basing my argument on The Renfro's confidence such a system would work mathematically, of which I haven't seen or know anything about, so it's a baseless argument without any real facts from my perspective. But your claim was that it would fail due to a lack of dead money. I think the dead money would be there, if the structure was right.