If it is the next step in European football I don't have much of an issue with it. The CL group stages are a joke and are just there to make money. If the result of this is that the midweek games are more competitive, with the best sides in Europe playing each other, I don't think there is much wrong with that. I would certainly rather watch us battling it out with Bayern or Barca in a league format, over us playing group games, where qualification is almost guaranteed before a ball is kicked.
The parts of the proposal that would worry me, are firstly, how it would impact on the domestic season. I don't want a breakaway Euro league where we basically stick two fingers up to the Prem.
Secondly, it shouldn't be a closed shop for the likes of Real, United and Liverpool to guarantee themselves huge amounts of money every season. Qualification should be through the domestic league, as it is now and should be based on merit and not what your football club is called.