Having been there during the competitions, there aren't that many cheerleaders.
I think the real reason is (a) that's the end of Value season, before Peak season starts, and (b) with day-by-day rates, bargain hungers have to *end* their trips by the 10th, whereas in years past they could merely *check in* by the 10th.
Together, this bunches up the bargain-hunters in that last full week of Value season. There are still plent of Mods and Values for President's Week when rates are in Peak season, but I'll guarantee you the parks will be busier then!
I saw on another site that Disney only allows so many rooms booked on line so maybe you could call them directly or even call AAA. I am not sure if this is true or not but it is worth checking it out.
I'm a regular February visitor. I've been during P-Week, Mardi Gras, and "regular" February weeks. Only P-Week generates significant crowds in my experience. The Mardi Gras folks all dress up in their purple, green, and gold, so you notice them, but they don't seem to contribute to unusual crowds in the parks.Mardi Gras-half of south Louisiana goes to WDW during the MG break.