It's sad that the PL teams are letting greed drag them into this, as they are the ones who really don't need this. Bayern need it as they've crippled their league, same for Real and Barca, while PSG never really had a league to cripple in the first place. The Italian teams want in because the Milan teams have been mismanaged so badly they'll struggle to ever become competitive again, essentially ruining the league for Juve, as no one wants to see them win every year.
The PL are the only ones who have a functioning, thriving, profitable league. It's been the envy of all the others for years, but the "big" clubs have all been taken over by leeches who just want more and more money and frankly don't give a shit about football. So they are all up for doing whatever will make more money. My sense is that we really wouldn't be that in favour of this as we are thriving in the current system, but have to band with them in case it actually happens, as being left out would be pretty crippling.
The whole thing is just fucking hideous though, a blatant cash grab from the owners of the historical elite. It has absolutely nothing to do with football and everything to do with money and they don't give a shit how badly it fucks up every other league.