This is crazy in the sense of the idea being nearly impossible to materalize, I suppose.
But I had another idea today in this period of PED...what if the EBU opened a Eurovision channel available 365 days of a year? On the grid, we could see how the artists of the last edition would be faring post-contest (like broadcast of live gigs, news, etc.) and also all national finals could be transmitted in this same channel at equally decent quality for all. I'm sure content wouldn't be missing...besides what I already mentioned, there are 60 years of history to be revisited, countless artists, etc.
I suppose such an idea hasn't gone through yet become of budget reasons. Also having 40+ broadcasters agreeing to the same terms on the most varied topics would be a hard task. Then there's some people that feel that Eurovision should be just like Christmas, "once a year otherwise not so special anymore".
But these things aside I don't see why a Eurovision channel should not exist. I mean, there are 24/7 channels of nearly everything you can think of these days...meditation, fishing, bull fighting (!), etc.
Would be nice if an international TV channel like this could ever become a reality.