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Actually, it's a matter of value. (As opposed to values.)
I will use Baen books webscriptions. I have bought various Heinleins (the lesser rated books) for 5 bucks a pop in bulk (6 for $30), Fred Pohl's lesser works for 10 for $40, and Poul Anderson's complete Poleostechnic League Future History series, in large omnibuses (19 novels and a boatload of short stories for $42 (7 @ $6 per omnibus).
All backlist, all dead authors. Somehow Baen is still making money. I have difficulty understanding your "gotta make enough money to justify selling the backlist" worldview. As smaller companies like Baen have shown, they can be successfully marketed, but at a modest price.
If the Big 6 publishers don't want to bother, why don't they sell of their backlist rights for money upfront? If they don't see any money out of them?
Or is the real reason reducing competition for the "bestsellers".
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