It's clever because it doesn't mention the film. The characters are only mentioned as they relate to that chronology. They are seemingly historical figures, not movie characters. Studios have to get comfortable with it. They have to make it their friend.
Studios know it's out there.
They know it works in practice, but they're asking whether it works in theory. The Web site told us yes. But, our deepest, darkest fears prayed no. The genius of Blair Witch is not reality but the appearance of reality. So sleep tight, because the Blair Witch goes no further than the silver screen and the World Wide Web.