Pretty much this, although I don't see it as a negative. Yes, the best teams aren't that much better than the below average teams, and the best players aren't that much better than the below average players, there's a lot of parity in the league now. For me, though, it makes for exciting, unpredictable games, where any team can win, and any player can be the difference maker. I'd personally rather watch this than a league with way less parity, i.e. the NBA where the elite players like LeBron are virtually unstoppable, and the top teams win 65 games while the worst teams win 15.
I do think the intrigue around stars probably has the most commercial appeal, but for me personally I like to watch tight competition between really evenly matched players/teams.