I suggested similar a while back. A straight UEFA knockout cup competition (home and away legs) for the top 8 in the top 7 ranked leagues + 8 qualifiers (I think there needs to be some control due to stadium standards and some of those smaller leagues just wouldn't be able to cope), but also a proper Champions League at the end of the season for the winners of the top 4 ranked leagues, plus another 2 that come through qualifying, in 2 leagues of 3, winners to the final. 11 games to win the 'cup' and 5 to win the 'league'. It would probably mean ditching the league cup, though.