The European competitions do need a revamp, though this idea is just hideous and downright despicable.
For me the CL should be made up of eight teams, each the respective champion of their league. England, Spain, Italy, Germany, France, new Dutch/Belgian, Russian, final spot going to the EL winner. Each team gets 3 home, 3 away and one neutral game respectively. Then the top 4 play 2nd-legged semis against each other then a final. Only 10 games a season at the most, sorted.
Whilst your at it revamp the EL, rebrand it as the Uefa Cup again and have it be 64 teams as a straight knock out competition, two legs. That would mean 11 games a season at most. Scrap away goals.
The above means more competition, less games to cope with, a real feeling of having earnt your way into prestigious competitons. Scrap the four team group-stages, no one has ever enjoyed them.