You lost me at "Masters ... has some sort of check mechanism in place".
The good thing out of all this is that there will be some accountability in place, in public I imagine. That can only be a good thing. The PL is too opaque.
Get him to explain why investment in the game is bad. Get him to explain why the current rules ring fence five or six big clubs. Get him to explain how his successor will be picked. How he was chosen. Get him to explain why refereeing is so opaque. The regulator won't be making many decisions, I imagine, but if it just imposes a degree of accountability and transparency then that is better then we have now. Remove the secrecy.
Getting a sports-experienced KC to head it is a good start. Not holding my breath, but hopeful. If the legacy clubs (and I use that word in a derogatory sense, like "legacy fan") don't like it, it's fine with me.