... but the fact remains that this Saturday Collingwood or Geelong will crowned premiers of the national competition for Australian rules football, yet in 1953 the same two clubs competed in the 'same competition' for the honour of being that year's premier club in Victoria.
There you go mate. You've hit the nail on the head probably without even realising it. It's the same competition, offering up the same premiership cup as its prize. Much like the Olympics. An Olympic medal is an Olympic medal, despite country participation rates soaring and events competed for having markedly expanding recently compared to say the 1956 Melbourne Games.
For those who have followed the league continuously, this is patently obvious, but as the OP stated, not a lot of non-Vic's paid serious attention to this comp until you achieved representation, so it's probably less obvious.