I think you pretty much nailed how a merger would go down, imo. It's almost funny, each league has different problems that tge other is in a position to solve. The cfl has a small but devoted fan base. A mediocre tv deal, and the necessary infrastructure to have a football season.
The xfl has a lucrative tv deal, maybe not a devoted fanbase but the exposure needed to build one, and no stadiums to play in. I can see this happening.