It's difficult to keep up with modern times, teams, especially the smaller ones, don't have the ability to invest like the big ones do and this in recent years is becoming unsustainable for some smaller teams, and they are all sold in order to compete, in my opinion this is the death of football.
That is not really death of football, it's just talent being gathered around few teams. So instead of 5-6 great teams in a league game, then we have 5-6 great teams at UCL instead, and 1 or 2 great teams in leagues. This is the most important difference compared to old times.
But, if we can make this work, then we could see this as a way to make more entertainment out of this since it's rare. With UCl doing this way it is going to be a very risky result for smaller teams but they can aim at whatever they have. Like if PSG is that great, then we can say that no team is winning second place consistently, which means if it's impossible for smaller teams to catch up to PSG, then they should just be second place.