This isn't "new" - it's a re-hash of an idea that has been kicking around and was first championed by Juventus. It obviously has more currency now because of the current controversy over PBP.
The future of this, to some extent, lies in the hands of the real supporters of the clubs involved - by which I mean the people who actually go to watch them in person. If they decide to turn their backs on this AND give up their TV subscriptions the whole enterprise might die on its arse. let's face it, the rest of the TV audience are more interested in watching an alternative to East Enders than they are in the beautiful game. Their emotional investment in the club they purport to follow is minimal, and the only intrinsic "worth" they have in the boardrooms of these clubs is that of their money.
If I were the FA I think I would give the clubs concerned an ultimatum. You play in the new European set up, or you play in England, but you can't do both. If you are Liverpool, you can kiss goodbye to the Merseyside Derby. If you are Manchester United, your historic rivalry with Leeds is over. If either Arsenal or Tottenham don't make it into the gilded cage, then they will never play each other again. If you are Chelsea, nobody will actually miss you. And you justify your stance because, having looked at the likely demands of the new set up, you are determined to protect the "integrity of your competition". That has a ring to it....