Well 1st the only token that works for a collectable game like you state are the one's used for cryptokitties ERC-721. Those only exist on ETH blockchain and it has issues scaling. Hopefully EOS will fix that.

Now let's say we solve that problem. You stated it will be pay to play and the issues that causes, have already been addressed by MTG and some extent by hearthstone.

1 way is to continue to create new cards and different formats. MTG has modern that only lets you use recently printed cards. The 2nd way would be to reprint cards.

This can be done on the blockchain with smart contracts you could set the smart contracts to release a new # of a card once its price gets to a certain level on the auctions or when it drops to a certain percent of players having it.

As far as the collectable issue you would have to decide (much like Hasbro did with MTG) are you concerned with collectors or players ?

just my thoughts.