I do think there's a hypothetical point where it becomes WWE-like.
That being said, you really only need 2 or 3 powerhouse teams to make it a "competition" of sorts. The 1980s USSR, or the NHL during certain stretches of the O6 era could fit that description. It would be an extremely top-heavy league and arguably not very entertaining most nights, but still intriguing from the standpoint of seeing the very best players stacked against each other.