So you think that the there would be much interest in a competion featuring around four teams who could possibly win (City, Atletico, Bayern, Inter) and a few other decent teams (Sporting, Ajax, Club Bruges, Rangers?)? Beyond that the competitors would be total no-hopers. Try selling that to the TV companies let alone to the matchgoing public?
In the meantime the re-invigorated UEFA Cup would be highly competitive with the likes of Liverpool, Chelsea, Arsenal, PSG, Real, Barca, Juve, Milan, Benfica, Porto, Dortmund, etc.
The main problem with the Champions League is its name.
Anyone expecting the the reintroduction of a 'Champions-only' competition is totally out of touch with reality (stuck in the 1980's)? If such a competition were established it would have lower interest than the current World Club Championship.