The Champions League, for decades, has only been about money very thinly veiled as a competition - underlined by the fact you don't have to be a champion of anything to get into it.
However, by that virtue, smaller clubs had 'a chance' to get in it to play some of the bigger clubs. In reality, this romantic possibility very rarely happens and so, ironically, The Champions League is always made up of the same clubs.
UEFA has always allegedly 'helped' the clubs it wants to be there too. They have gone even further with that with their new proposal.
The club could quite easily have declined to take part. Someone else would take our place in a flash. The fans could deal with that.
However, would the fans be happy to lower their expectations substantially in terms of the team's achievements, transfers and playing staff as a result due to an enormous drop in revenues.
There are plenty in the Transfer and Matchday forums who would seriously struggle with that in my opinion.