The efficient market model doesn't work here. For it to work, the market has to be of sufficient size, participants have to act rationally, there has to be equal access to information, resources, etc.
It's certainly true that it is not as efficient as it could be for a variety of reasons - size of market, the repeat player difficulty (TAs and coaches turn over frequently in many places), profit motive issues - but that just reflects the degree of efficiency and the length of time for market equilibrium to start to develop. There's probably no such thing as a truly efficient market anywhere, as behavioral economists have demonstrated. For efficiency not to apply at all, though, there would need to be more monopoly powers than exist today.
Not surprisingly, evidence of the market reacting against Friday night check-in already exists. I've been in this world long enough to remember when most tourneys had Friday night check-ins. Now, not only do most NOT have Friday night check-ins, but tournaments routinely advertise that they don't require Friday night check-in, which used to be a real advantage, but has become less so since most tournaments don't anymore. Plus, the development of multi-field complexes, particularly at Silverlakes in Norco, have reduced the logistical need for Friday night check-in, which takes away one market barrier to change (and is evidence of the market moving to satisfy need, since Silverlakes is private development). Finally, there is evidence that the market has already started to provide alternatives to tournaments altogether (which, in part, may be a reaction to the cost and time commitment that a Friday night check-in requirement entails). For example, many of the age group pages on the Hollywood FC Scrimmage facebook site are heavily subscribed and actively used. In addition, round robins have become quite common and some clubs have gone the next step to organize 3 game mini-tournaments in one or two age groups with a relatively low reg fee ($250) and no trophies. One advantage to these round robins is that you can delay commitment until you know who else is participating, thereby assuring 2-3 strong games, rather than rolling the dice with a tournament. That has traditionally been one of the advantages of a big tournament -- assurance of appropriate high-level competition. Plus, $80 bucks for round robin ref fees, or even $160 for ref and field fees, sure beats $700-$1000 for the tournament pin/medal. Small Spring Leagues on single field sites are also more common, as teams see them as more economical and beneficial than paying twice the amount to pay half the games over a longer period of time. Of course, none of this is replacing tournaments or Friday check-in altogether, but given the growth in the club environment in just 10 years, it explains why those tournaments are dwindling and why registration hasn't exploded in tournaments in the aggregate to match the change in the number of teams and clubs. It may be slow and in fits and starts, but the market is clearly working on this issue.