Have to look at EFL too. Money comes down, but clubs operate way beyond their means so the argument will be why should Premier League finance them. Give them more money, clubs will treat it as an opportunity to spend more. TV income goes up, wages and transfer fees go up.
King's Lynn were operating at a loss previous seasons, even when in Step 3.
There's players paid now in Steps 1-2 that would have got that money in football league in the 2000s. Wages is high all over the game.