For me, the only way the ESL works is if the sportswashers are excluded. Let them have the CL and their domestic leagues, where they can be big fish in a shrinking pond, win the league every year, and the whole thing becomes a bore fest. Yeah, they'll still nab the best players on obscene wages, but it will be bland and empty for anyone not a fan of some artificial construct joke of a pretend club.
As an alternative scenario, and I admit I was only half serious when I first thought of it, but I'd love it if the likes of Arsenal, Liverpool, United, etc, petitioned to rejoin the Football League and create a new top tier amalgamation with the Championship. It would be a pain to reorganise the new divisions, but I'm sure it could be done.
Yeah, Championship clubs long for the money promotion to the PL will bring; but right now, they just make up the numbers and are largely just scrapping for survival. Having some of the traditionally big clubs return to the football league would be a big financial boost to the organisation on its own. The monster clubs would increasingly hog the money and the best players and pay the wages, so the likes of LFC would probably see contraction in their appeal on the global stage in players we could afford etc. But it would feel a cleaner and more honest game, where we could still enjoy our stature and history.
the league is getting ripped apart because the monster clubs are forging ahead at a rate nobody else can keep up with. We may be looking at a Rugby League/Union type of split in the long run.