Automatic promotion and relegation is essential.

If all the clubs knew that there was automatic P&R and for the long term, they would over time gear up to be successful.

You don't need to set minimum standards such as above; so long as your ground has a safety certificate that should be enough. If, over time, your attendances are not big enough for whatever reason, you probably won't get promoted anyway as you won't have the revenue to finance a winning team.

You get league points deducted for an insolvency event, salary cap breaches etc anyway.