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Dan,
Stephen Hawking proposed cosmic expansion as one of his three arrows of time, along with entropy and psychological perception. Though he never stated it as such and argued against arrows of time, I think that Einstein's model of gravity amounts to an arrow of time and that it counters a cosmic expansion arrow. So there is an arrow of unknown expansion into the future and an arrow of mass falling away into the past.
You do offer an interesting way to tie the ends together, with the energy falling into black holes as eventually emerging as expanding spacetime, but I think there is a more direct and obvious cycle.
Consider the state of astronomy when Einstein first developed his theory. Essentially it was conducted entirely on the spectrum of visible light, with increasingly precise, but technically simple optics.
So while the theory of black holes remains as a conceptual edifice, the reality is becoming ever more apparent that whatever visible mass and energy pulled into them is not transported into some other dimension, but is radiated out in other parts of the spectrum that were not measurable up until very recently. Consider the huge bubble of gamma rays recently discovered bulging out of the center of the Milky Way. I don't think the cosmology has caught up to this. Black holes are an interesting topological map, but I think a more descriptive concept would be more of a vortex. I suspect there are different forms, with the small, binary star systems probably having some form neutron mass, but possibly the larger galactic versions as more of a dynamo, which radiates infalling energy back out the poles, as various forms and levels of radiation.
What every description of some form of cyclical type of universe, in which the entire universe goes through stages of expansion and contraction, overlook is that gravitational contraction and the expansion associated with redshift both exist now and they are in equilibrium now. Yes, "space" is expanding across the vast intergalactic distances, but it is also falling into these gravitational vortices at an equal rate. This balance is why space is described as being flat overall.
Now consider the various points I've just made: The two arrows of time, of expansion and contraction, balance out. So do gravity and redshift. The stuff falling into galaxies doesn't have to disappear down some drain into another dimension in order to pop back up as expanding space, somewhere in the future, because it is being radiated back out across space, all up and down the spectrum. This light travels, on the visible spectrum alone, for about ten billion lightyears and evidence of a very large galaxy, 12.6 billion lightyears out, has recently been discovered. If gravity causes space to contract, doesn't it make sense to assume radiation causes space to expand?
What about the CMBR? If radiation travels so far that it completely falls off the visible spectrum and even to the point it falls below the infrared, wouldn't it then be at the level of this black body radiation?
Just for speculation, let's take this one step further and say that the vacuum of space can only stably support a very low level of this black body radiation, say 2.73k, before it becomes unstable and curls up as subatomic particles. Which then tend to bunch together and start the whole gravitational collapse process over again. Then we have the complete cycle.