Heroes Premier League

I was thinking about something. In football, there are relegation championships; in our game, all championships are held in the same way. But there's also the Premier League, where 16 teams play regularly, there's a tournament table, and it shows the results. If you set a game for 3 weeks, you could create a similar Premier League with 16 players. At the end of the year, the 2 worst players are eliminated, and 2 new players come in to replace them (for example, from a special tournament). And of course, IMO, the champion in such a league would be much more significant because, thanks to the law of large numbers, you get a fairer assessment than in knockout tournaments (where people constantly complain about single elimination, uneven distribution of players, etc.).
Maybe something similar existed before, but what do you think about the idea?