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.
We could also see more rich people join in as well. Look at premier league, even a team like Newcastle is owned by rich people, and not doing great. This means that teams could reach a point where most of them are owned by wealthy people, and in that case, it would still be "equal" in a way. Yes not like the old days, but it would be not so much gap.
Like for example, PSG is richer than all other teams in France right now, but there are some gossip about teams being sold to other rich people, Paris FC was sold for example and growing, maybe teams like Lille, Monaco, Marseille would be sold too, and create some competition for PSG as well. What's so bad about rich people buying up teams, I rather see them use their money that way than tax evasion.