That has been tried and it didn't work.
Better off merging two Vic teams. Have WA3 and NT / Canberra team come in to balance it when required. The comp will then get a really good look to see if the merged vic team disappears or if it becomes stronger than the other minow vic teams. A blueprint for the future or a one off only.
Northern Clubs + SA are currently getting some compensation for their troubles. Academies + Gather round. Time for WA to be thrown a bone too, just for optics. WA3 would actually go a long way to this.
If you merge two Vic clubs you will lose a lot of paying customers. The posters from other states seem to assume that the members will just follow the new club - they won't, many will stop following football.
You will also reduce the value of the TV rights deal, in the most lucrative market (by far).
You will also reduce the AFL's funds since it would break the agreements with MCG and Marvel about quantity and quality of games.
SA are not getting Gather Round as compensation for anything, they bought it from the AFL. Which is headed by a WA chairman and at the time a SA born CEO.
If WA as a whole wanted to spend some money instead of just boasting about what they have in the bank they could probably get a similar outcome.
And it would not matter what 'bone' WA was thrown, WA people would still complain and assign the blame for everything wrong with the world to the "Eastern staters".