My baseless spec is that the "old men" aren't Men of Letters in any proper sense, but are usurpers who took over behind the scenes, and now they're using the BMoL as a front for some sinister operation. Maybe their extermination program is about clearing away competition/potential resistance so they can remake the world to their specifications. Maybe they're all power-mad rogues, like Cuthbert Sinclair.
Although a fascinating idea, we already tried Lovecraftian evil in season 7 with the Leviathans, and it did not go well. I've heard that part of the issue was that they didn't have the budget to make Sera Gamble's ideas come to life and I doubt the budget has gotten bigger since then. I'm not opposed to eldritch horrors, just concerned they can't be pulled off properly.
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