Magnus is probably the largest, but why do they have to be equidistant?
according to Cosmology the void of oblivion behaves similarly to a planet in that it's spherical and looking up into the sky is looking to the inside wall of the sphere where the tears leading to aetherius are. it plainly says that all tears are equidistant from mundus, and magnus appears as the largest because it is just that. but it also says that the planets and oblivion are both infinite and the spherical shapes are due to mortal mental stress. so maybe it's just a paradox and both are true, or maybe i should take Cosmology with a grain of salt considering its claim that you can see stars through the dark parts of the moons is blatantly contradictory to what we see in the games.
No model in-universe that I know of, but I don't think the Cosmology model doesn't stand up too well given the observations that can be made in the planes of Oblivion. The Shivering Isles has a sun similar too Magnus, yet the arrangements of the stars in the night sky are completely different. The Deadlands, on the other hand, have either no sun at all or a black sun (given it seems to have what should be a sun in their editor, but it's black). Oblivion isn't another dimension, it is the TES equivalent of outer space, beyond the Mortal Plane. Hence why I avoid using the model and instead piece together information from observation and lore (including MK's out-of-game work, which gives some good information regarding Oblivion).
Cosmology does have some good ideas and i like to think that it's still a valid way of looking at the aurbis despite getting that detail about the moons wrong, but i suppose i should refer to other sources first when talking about the cosmos.
i don't remember there being anything that looks like a sun in the deadlands. it could be because they used an overlay on the existing skybox and you can kinda see the original sun through all the red and clouds. or we could say it's a moon or one of the unstars that Cosmology mentions is part of the serpent constellation.
i think if we take the "infinities within infinities" approach to how planes work then we could say that different planes (infinite but represented as spheres) float through the void and act as planets, but when looking into the sky from that plane(t) we see the void represented on a flat surface because of the barriers between dimensions. that way things would behave like irl planets and explain how they can have different skies while also explaining how they are infinite and why heavenly bodies are equidistant to the planet. and it would justify the model put forth by Cosmology to an extent. the void of oblivion is said to surround the planes of oblivion and mundus, but this could just be a relative way of saying that the void is what the door to the next gradient leads to, and any physical representation of this is just the best that a mortal can come up with. it's still paradoxical, but that's OK because magic. i think.