I went through a phase of playing CoC regularly with some friends at my local gaming club. We discussed offering it as a league, and funding prizes on a pooled basis (we had done this in the past with other games). But the general view of the group was that the situation with availability of the early APs could be an issue (since none of us had them, it didn't create an issue between us, but either opened the competition up to being cleaned up by someone who did, or else would make us have to introduce restrictions we felt inimical to the structure of the game. And, more pertinently, that FFG's support for the game was in doubt specifically for CoC, and for the idea of LCGs in general (so it was a quick decision not to switch to WHI, which is also a game I like, sadly).
We still play occasionally on a casual basis, but few of the group are staying up to date with even the latest APs, and games are getting rarer.
We decided (some time ago) we'd review if the APs became available again. Feels like this is going to be an issue for quite a while!