It's awful. It has no merit whatsoever. It's a power grab by the "Top 6" (who currently stand 1,2 er, 5, 7 and 9) to create an effective closed shop, and make the domestic leagues irrelevant. It is the absolute antithesis of what football was based on. Who are Spurs or Arsenal to declare themselves a European Elite club? Neither of them have won the European cup or the Champions League, or even the Domestic league for 60 years and 10? years respectively. Arsenal haven't even been in it for 4 years. Its the franchising of the EPL and the Spanish top 2, pure and simple, by owners who couldn't give a tinkers cuss about the rest of the game, and are used to the MLS/MLB/NFL set up of you never exit the league because you're not good enough. Any fan who backs this from our country should hang their head in shame, and all of those clubs should be docked points or suspended for forming the letter of intent.
Apart from that mate, I'm kinda on the fence about it.