I actually think this could make the Champions League more interesting.
It's been the same teams for years and years now at the sharp end of the competition and getting rid of the majority of the 'elite clubs' as they like to be called would create a big reset on who were the new big dogs in the Champions League.
The biggest draw to me for the current Champions League is seeing the clubs from various leagues and their different styles get pitted against each other and that would still be the case.
Seeing the likes of West Ham, Leicester, Monaco, Atalanta, Napoli, Dortmund, Porto etc battling for the Champions League is really intriguing and it would create a really open and unpredictable competition.