I don't see any expansion franchises even awarded until the end of Manfred's term, if ever.
First you need two credibly financed groups who can cover the $2B expansion fee plus several hundred million more to credibly fund a franchise. With the remaining markets out there, it's like picking over produce at Butera.
Second, you need to find two sucker municipalities with a half billion to a billion plus minimum to piss away. Apparently the Mormons pulled the trigger on some tax scheme, but good luck entering a market a third smaller than Milwaukee with no baseball history trying to sell about four times of the ticket inventory of the Jazz.
Third, the RSN scam has run it's course, with a majority of the teams already hat in hand and any open markets likely grabbing an over the air TV contract for far less revenue, necessitating even more revenue sharing.
MLB is better contracting to 24-26 teams to gain a much higher split of the annual revenue without handing a half billion plus to the Fishers and Nittings and Dolans and other billionaire MLB welfare recipients, while still keeping a few municipalities around who might be able to support stadium welfare with a decent fan base.