If you put the biggest teams of each regional league into a singular EMEA league, its obvious that the VRL will suffer.
(and the whole T2 is competing for one spot in the big league)

If you want to have a great Regional + Continental circuit you need to make it like football
Regional leagues with relegation and the biggest orgs competing. The best teams of each regional league play against each other in a continental event. If UEFA Super League was a reality, national leagues would suffer (even the BIg 5)

NA VRL only succeeded because they were big teams and great players that were left out of Americas League, big personalities entered the scene with new orgs (Ludwig and Disguised Toast) and big streamers doing watchparties

Or you can make every big event an open circuit like CSGO with RMR open qualys and ESL with the IEMs regional qualys. The bigger teams have the larger budget and sponsors (meaning better players) so there is no chance that they will not be in the event and small teams/T2 can compete for a chance if they have a good project

I agree that Riot need to bet more money on this if they want a system like the one that they are doing this year

English is not my main language, sorry if it is pretty hard to read