PSG might be one of the three sides still to reveal their hand.The reaction isn't over the top. This completely removes sporting merit from a "competition" which is nonsense. It's a money-motivated move and just devalues all other existing league/cup structures.
However, you are quite right in that we have a season to finish and need to concentrate on that for now. Three of the four CL semi finalists are supporting this ESL though. So who do you think UEFA might help win it?! PSG might as well be given the trophy now. No way UEFA are letting any of City, Chelsea or Real win the CL after they've publicly announced they'll boycott it moving forwards.
There is a long way to go before it becomes a reality and when the hype subsides which it will calmer heads will prevail.
Personally I don't think it will happen but if it does we will still be playing league games in England like we do now.
UEFA and FIFA need a shake up their employees and beneficiaries are rotten to the core who have always placed their own interests ahead of football and now some clubs are flexing their muscles hopefully to flush them out and give the game back to the people.