DOMESTIC LEAGUES
Without the very biggest clubs, what would happen to the other sides in the leagues?
What would the English Premier League be without Man United, Man City, Arsenal, Chelsea, or Liverpool? Would Spurs then win the league often? Or Everton? What about West Ham?
Moreover, there would be long-standing rivalries that would cease. No more North London derbies. No Merseyside derbies, as Everton are not a permanent member. Man United would still play Liverpool, who are their biggest rivals, but it would get much of English footballing culture.
It could also make the domestic leagues lack competitiveness and excitement since winning the league would mean little if the big sides get the biggest slices of revenues. If, say, Sevilla won a gutted LaLiga, would they then get into the Champions League? Would this still exist? Would they even get much monetary rewards, since surely the TV revenues would be small in this context?
It could greatly lessen the spectacle and appeal of many leagues in Europe.