Assuming it actually reaches that mark, the average single episode of TNG in today's dollars would cost well over that. And we're talking one episode of a TV show in the late Eighties. Competing with a flagship CBS production today? No. It isn't happening.
You mean back when there were less than a handful of effects houses in the industry... when CGI required days of rendering time for a minute of sequence....
The things that made TNG most costly are SIGNIFICANTLY more affordable today, than they were in the 80's/90's.... There are hundreds of effects houses, and free lancers who are capable of doing work SIGNIFICANTLY better than what we saw in TNG... Heck, it was an Enterprise line producer that put together Axanar's budget, an it's still running around the same cost as an episode of Enterprise....