Surely they'll still have to comply with PSR up until it's replaced (the last 2 seasons plus this 1?), although I can't see how they manage the transition. Can they just pretend PSR didn't exist and start from scratch?
They're also talking about this "top to bottom anchoring (TBA)" which "caps the amount any club can spend as a multiple of the income earned by the league's bottom side", so £140mill (2023-24 season) x 3 say, gives us £420mill max to spend on transfers, wages & agent fees which would hamper the top 6 clubs but of course the rest (including Newcastle) couldn't afford that anyway if the 85% applies too. The relegated clubs in 2023-24 would have had just a £120mill spend limit.
I can't see how any of this helps to "level out the playing field", I think football is fucked no matter how you look at it.