All this will do is accelerate the introduction of a Super League.
Newcastle are still among the favourites to go down this season, and there's no certainty of signing players capable of keeping them up in January. If they go down, they'll be struggling to reach PL top 4 status for years.
If they stay up this season, they'll be in serious competition with the likes of Arsenal, Spurs, and possibly Villa, to attract players of the quality required to make an effective challenge.
To keep it simple... Given the choice of London or Newcastle, London will always win out for foreign players. Arsenal and Spurs have the better recent history and established reputations in Europe. Newcastle have nothing.
Newcastle have money. The single 'requirement' to join a Super League from day one. They've probably already been invited to join, and will be there like a shot, just like City and the rest.
FFP won't be of any concern once the Super League arrives. Give it 5 years and PL games will probably be showing on Quest TV.
The really big money has arrived... Expect things to progress. FFP as we know it is dead.