"They get a significant chunk of the money today"

Are you sure about this? My understanding is that commercials get a lower margin than specs but that it's still a margin. Your comment seems to refer to forwards (off exchange) rather than futures.

forwards are not settled until the positions are closed either. Low credit players might have to put up an L/C to cover the risk, but no money changes hand. Better risk players will have margining agreements with each other...