I admit a big part of this is connecting the dots, with some big spaces inbetween.
Start with the basic relationship between energy and form. The wave expands out, creating ripples as it feeds back against whatever medium it's passing through. Which rise and fall, back to equilibrium.
So in that situation, it's very basic.
As you describe it; "energy radiating out is easy to accept as an entropic occurrence as everything disintegrates" The disintegration is the falling back to equilibrium. It's two sides of the same coin.
So then, what if there is no medium, nothing to impede and fluctuate?
It would seem we just have light. Pure energy.
Yet quantum theory says light is a wave when traveling and a particle when detected. Both of which are forms. Which are still expressions of the energy that change, thus go from potential, to actual, to residual. The more they interact, the more the energy is impeded and builds up, eventually to the degree of being considered mass. Thus waves as energy traveling, yet measured and particles as energy impeded.
The creation of each stage of mass sheds some degree of energy, that radiates back out.
Yet remembering that form coalescing in, is still energy, not some hypothetical "string," or any other irreducible substance.
So it keeps condensing, coalescing and spiraling in, because the only real center/basis is equilibrium.
Yet all the complex forms can't "unwind," so they have to keep building up the heat energy to the point all stucture "melts." Which is the edge of the black hole, as the eye of a storm.
Though what does get shot out the poles of this cosmic storm, the quasars, are form that just won't break down.
Sketchy, yes, but looking at the situation, it is trying to fit the logic of energy and the forms going opposite directions of time, to the dynamic of galaxies, which are the most complete cosmic processes. In which mass falls in, as energy radiates out.
Obviously I'm not going to get anyone with any association to the profession to try thinking this through, enough to suggest how some of the details work, but I haven't had anyone offer any refutation, either.
Though some of this is the work of others, such as the loading theory of light, redshifted multispectrum packets of light, the point that light and gravity do balance out, without needing some geometric medium of spacetime, Mead's article, etc.
Then there is the question of dark matter, ie, the additional gravitional effect. Possibly as the inward curvature of form, above the level it qualifies as mass.
Waves are curves.