I don't think it quite works that way. My impression is that once they mature they have about the same amount of life expectancy left and so about the same number of breeding seasons regardless of the size. Two things determine the size at which the fish mature. Pretty obviously not all lakes are created equal; so the potential of the body of water itself is very important.

But one other thing happens. Male bluegills delay maturity until they are of sufficient size to have a competitive chance at nesting in the center of the bed, which is where the biggest local males will be found. That is also where the most fry survive to produce recruitment. Quite literally none of the fry from the nests on the edges of the bed usually make it past the first few days. So you end up having a pair of related factors that push bluegills toward the maximum size possible in the waters where they are found. If the top sizes have been harvested off the size spread, the juveniles will naturally mature earlier and smaller. They are often said to be stunted, and while that may be the case in some waters, it is far more likely in bodies of water of larger than private pond size, that there are few to no larger males for the juveniles to measure against, especially up here in the north where the process takes quite a bit longer.

Females are also a bit picky, preferring to spawn towards the middle of the beds themselves, although they spread out their favors some and generally spawn a bit with each of several males.