The distribution methods should never be based on just one country. Moreover, more and more big countries will join cricket in long run. Therefore ICC must opt for a universal distribution method. I also personally think this distribution structure will have adverse effect on ICC. But since India is sharing a large revenue, India's percentage can definitely be increased slightly but it should not be more than 20 percent of the total budget.
In the previous cycle, BCCI was allotted 22% of the funds, and now it has been increased to 38.5%. This situation is not sustainable in the long run. Cricket will die out completely in all the other countries. ICC tournaments will lose their significance and cricket will be dominated by leagues such as IPL.
Associate nations are suffering from a double whammy. Two decades back there were only 25-30 associate nations and almost all of them were composed of native players. Since the ICC changed the eligibility laws, the number of associate nations have increased to almost 100. And now the decreasing pot of funds are being divided by an increasing number of teams. And most of the funds obviously end up with fake teams like Belgium and Norway which doesn't have a single citizen in their squad.