The fact that LIV was a flop in the U.S. did not mean a deal did not have to be made, as explained below. It just gave the PGA Tour leverage in the negotiations.
The reasons for the deal are (i) the PGA Tour recognized that PIF had staying power, in spite of the massive losses, and (ii) they were at risk of losing another round of top players, to disastrous effect, including for media contracts. Both parties has reasons to settle, which is when deals get done.
The PGA Board will approve. The independent directors and some players will understand the above.
The DOJ/antitrust issue is real. They structured the deal to argue that it is not a merger. That is why they trumpet the fact that the PGA Tour will continue to govern its events. Monohan's statements about removing a competitor are damaging, as well as his multiple roles going forward. From a technical legal perspective the DOJ will attempt to define the "relevant market" as global professional golf, and may assert that the combination is monopolistic in that market. Frankly, there is a lot to say for that. PGA/DB/PIF will argue that the relevant market is global sports or even global entertainment, and that the combined entities' market power is small in those markets. If DOJ persists, the courts ultimately decide.
As for Monahan, it is a side show from the main event, and I think he survives, but if not he will be a very rich man.
As for the LIV golfers they will get and keep their money. Anything but would be a bad publicity hit for PIF especially if they want to target other sports or entertainment. There may be a "penalty" on reincorporation but it will be minor in the greater scope or be compensated otherwise. Those who stayed will be mollified by the equity participation.
