It's a despicable idea but one which I'd possibly consider thinking about if either a) money from the CL and the consequent sponsorship uplift was put into a pot and divided equally amongst all the clubs in the PL or b) it was discounted for the purposes of the calculation.
As it is, the CL money is the major distorting factor in terms of competition and, as everyone now knows, all proposals are simply to ensure that certain clubs keep it.
I wonder what the arrangements would be if a club receiving, say £100m as a result of being in the CL, suddenly didn't qualify. How would the club be expected to deal with players on a 5 year contract signed when the CL money was incoming ?
The answer, of course, it that, like the old arrangements, the new ones are designed to ensure that that situation doesn't arise.