The problem with reducing the number of first class sides in England is not so much that it is a good thing, but that there is little hope of getting turkeys to vote for Christmas - who goes? On playing standards you'd suggest Leicestershire, Glamorgan, and Gloucestershire are very vulnerable because they have all been rooted in division 2 for a number of years - whilst Essex have also been in that position, and Derbyshire and Northants can only reference single season jaunts to Division One.
But...Leicestershire have a great record of producing young talent and, with Wasim Khan taking over as Chief Executive, might manage to engage better with the Asian communities around the area over the next five years. Glamorgan represent the W in EWCB and it would be one hell of a gamble to cull, in effect, an entire country. Essex are well managed and profitable and seem to have taken a value decision to prioritise one day performance. Derbyshire would point to a much improved record in the last few years, and Northants would say that it was harsh when they were just in division one last season...
You couldn't even do it on financial grounds. If you did, you may well find that Durham, Lancashire and Warwickshire went under, whilst my own Yorkshire are solvent only because Mr Graves has deep pockets and Middlesex would struggle were the MCC not to allow them such preferential arrangements as regards Lords...
So, stalemate, except perhaps for poor Gloucestershire...