There was an attempt at something like this that lasted from 1987-1992, the World Basketball League that had a maximum player height of 6 feet 5 inches.
The teams were mainly in smaller markets and the league didn’t have a major TV contract so that didn’t help it survive.
Turns out the league helped facilitate the collapse of the old Phar-Mor drugstore chain since league owner and founder of Phar-Mor, Michael Monus, ended up embezzling millions of dollars from the business to prop up the basketball league.