The idea is to form a council/board of directors. This board would govern the franchise, setting up the history, and what is cannon and what is not. The board would vary in size, most having a specific role.
You would have the authors group establishing the wookieepedia of sorts, they would get submissions and proposals, and file through them, the final approval requires a majority vote by the entire council for a book or story's to be commissioned.
The game developers group would also work with granting permission to allow other devs to make games off the franchise. They than take serious offers to the council for a full vote . The same applies to music and the movie/animation group.
The idea being the franchise would not exclude fan work, or ban them from generating a profit. They would pay the council a preset portion for using the technology, characters and galaxy. With the council determining if their work merits to be made cannon.
The reason for the concept is to understand the industry. George Lucas in episode 4, contracted his work to his own company he formed, managed to gain the franchise rights and merchandise rights, these 3 things would never work again. Just try getting permission to use established franchises without an army of lawyers coming after you.
The concept is to build a new galaxy, with checks and balances, preventing jj abrams essentially.
When you look at franchises, Dune, Lotr, star wars, star gate, star trek, battlestar. When the creator dies or sells the franchise is destroyed by the corpororate buyers. The idea is allow the franchise to live after the creator/creators are gone. It leaves in place a system to perpetuate the franchises life.