Relaxing the temporal constancy constraint on coupling constants in an expanding universe results in Friedmann equations containing terms that may be interpreted as dark energy and dark matter. When tired light (TL) was considered to complement the redshift due to the expanding universe, the resulting covarying coupling constants (CCC+TL) model not only fit the Type Ia supernovae data as precisely as the ΛCDM model, but also resolved concerns about the angular size of cosmic dawn galaxies observed by the James Webb Space Telescope. The model was recently shown to be compliant with the baryon acoustic oscillation features in the galaxy distribution and the cosmic microwave background (CMB). This paper demonstrates that dark energy and dark matter of the standard ΛCDM model are not arbitrary but can be derived from the CCC approach based on Dirac’s 1937 hypothesis. The energy densities associated with dark matter and dark energy turn out to be about the same in the ΛCDM and the CCC+TL models. However, the critical density in the new model can only account for the baryonic matter in the universe, raising concerns about how to account for observations requiring dark matter. We therefore analyze some key parameters of structure formation and show how they are affected in the absence of dark matter in the CCC+TL scenario. It requires reconsidering alternatives to dark matter to explain observations on gravitationally bound structures. The model’s consistency with the CMB power spectrum, BBN element abundances, and other critical observations is yet to be established.