Not going to happen.
The premier league is bigger in terms of revenue than the champions league.
Why change it.
As I've said before here, because you're thinking in the wrong terms. You're talking as if football revenue has peaked already, but it hasn't - it's a million miles from. There are ways they could change the CL - admittedly by destroying everything that is good about football - to make it earn more than the PL. There are also ways of replacing the PL and CL with a Super League that honestly could make £500m+ in TV revenue PER CLUB PER SEASON. After all, if the domestic TV companies in the UK alone are willing to give enough money to give every team £100m a season then imagine what could happen if they could get every country in Europe paying an equivalent rate, plus the US, Asia, South America too.
If you think that the clubs see no financial incentive to this compared to the PL then you really need to reassess.