Won't happen.
I'd imagine the PL would just say 'Right, if you want to swan off and make this your priority then you can leave the PL and the money that comes with it' and I can't see many making that choice considering the Prem is the bread and butter.
They've talked about European Super Leagues for donkeys years. Never happens, never comes close to happening. This will be the same, its the same Qatari people making outlandish, ridiculous claims to keep their name in the headlines.
Plus, how would it actually work? If, for example, we were to be signed up as a permanent member of this tournament then whats to stop us sending the ressies out for a good pasting and just pocketing the money? Who decides what the strongest side is? Who decides who takes presidence over whether players do that or go to their national sides?