It's not "confirmed" but it's been leaked back in Februay, much in the same way we knew this competition was happening months ago before the official announcement.
4x CL winners
4x Europa
4x Libertadores
4x Copa Sudamericana
4x AFC CL
4x CAF CL
4x CONCACAF CL
And the last 4 are going to involve some combination of host country's current league champion, teams from the OFC and maybe a previous winner.
The biggest issue IMO is what happens when you've got repeat winners. Does the losing finalist go instead (which has worked for the Charity Shield for decades) and whether they do groups or a seeded straight KO.
Well for a start, they'll be lining their own pockets.
It's scheduled at a time when there's no other football on. With the biggest teams from North America, South America, Africa, Asia, the Middle East and Europe. It is an advertisers wet dream - literally the model CFG was built on. Have teams in every market for common sponsorship. It's why the World Cup is one of the biggest advertising events in the world. Sponsoring it gets you seen in every country in the world.
A Hypothetical 2022 competition would have had -
Real Madrid, Liverpool, Bayern, Chelsea.
Sevilla, Atletico, Villarreal, Frankfurt.
Palmeiras, Flamengo, Santos, River Plate.
Sao Paolo, Independiente, Athletico Paranese, Defensa y Justica
Monterrey, Guadalajara, Tigres, Seattle Sounders
Al Ahly, Wydad, Kaizer Chiefs, ES Tunis.
Al-Hilal, Ulsan Hyundai, Urawa Red Diamons, Kahshima Antlers.
Auckland City, LAFC, 2 others.
So teams from The UK, Spain, Germany, Brazil, Argentina, Colombia, Mexico, the USA, Egypt, Morrocco, South Africa, Tunisia, Saudi Arabia, South Korea, Japan, New Zealand. You think there might be money in advertising to those markets? TV companies might pay to host the only competitive football during the offseason?
Secondly, it's good for the game, and which is ultimately good for them.
European teams are the ones who benefit from global football. The Premier League makes more money selling TV overseas now than domestically. Julian Alvarez, Yaya Touré, Paulo Wanchope etc. didn't just appear in Europe. They had to be developed in their home countries, and putting some money back into those countries is good for everyone.
And scrapping the confederations cup and old club world cup to not make this effect the calendar more is a really sensible way to go about it.