I would be very happy if that were true (and probably Ronaldo would be very happy too as he was able to continue to improve his perpetual record), but it seems to me that UEFA will never go for it. If players from Europe who left for Saudi Arabia retain the opportunity to play in the Champions League, then the flow there will only increase and the situation in Europe will worsen even more.
If such thing happens I'm pretty confident Ronaldo would postpone his retirement plans if there is any.
He can start to play more competitive than before surely. He said that he believed the Saudi league to become a much more prestigious league in the future. It looks like he is likely to turn out to be right later on.Considering how Saudi teams are strengthening their squads they might even be competitive for the Champions League title in the long run maybe who knows. Because they are paying a really huge sum of money for the players they sign and they can increase the bonuses a lot for winning the tournament as well to be more competitive.
But for now this is all an assumption of course. Let's see if UEFA will really do this then.
100%! Sheikhs in 15 years have made a team that dominates the Premier League out of such noname as City. With the kind of investment they're pouring into their league, they can make it this far faster. I fully admit that a couple of top cools from Saudi Arabia will compete for the Champions League title in less than 10 years. And by the way, I would be very pleased with the appearance of new players on this field - I'm very tired of the same participants in the Champions League playoffs every year.