The question is which leagues do better than this? (I don't know, but if any do, we need to follow).
The biggest issue I can see is the increasing impatience of fans. You need look no further than than here to see to people complaining about lack of youngsters in one post and slagging off young players in the next post on a different thread.
Fans say they are willing to accept the massive swings in form from youngsters and the stupid mistakes they make while they are developing, but when they do happen, most of the same people are up in arms. It's not an easy problem to solve at either end of the table. The only team that has had some success with it in recent times was Hearts - and that was because they had a massive points deduction and no money at the time, and were already doomed to relegation. As soon as they overcame that, they went back to throwing money at their problems.
Let's face it - if teams could achieve the same level of success with less money spent on players, they'd be all over it.
As I've said before, I agree our game needs a complete overhaul, but I doubt those at the top have any real interest in addressing the problems.