No. Take away all CL money from the top 6 and they still make 100x as much as the champions of a random eastern european country.
The link between getting fans in the door and club revenue was broken about 35-40 years ago, and since then any notion of good teams coming from small countries has been a complete fairy tale.
When getting 60,000 through the door every week made you a rich club, Red Star Belgrade or Dinamo Kiev or Celtic could be european heavyweights, but that's long gone. As long as there's a domestic TV audience, the money goes to the clubs in rich and populous nations.
So instead of trying to relive the 70's, think about the best way to make a competition between the best clubs in Europe in 2019, and you'll get something like the modern CL. It has flaws, it's too long and the groups are too predictable, but it's decent.