Yes of course but the key difference here is what makes football a sport - competition and the ability for anyone to reach the pinnacle. If there is no opportunity for clubs to qualify for tournaments on merit, then is it truly a sporting competition?
I'm not against money in football. It's not the money element of this which is the biggest problem. It's the fact that qualification is based on wealth not results on a football pitch and the fact that there will be no comeback for failure on the pitch in this competition.
I was only born a year after the PL was formed so don't have a grasp of what things were like prior to its formation. But the PL has never been a closed shop and points on the board have always given the chance for prizes at the end of a season. That is what makes a sport a sport.
The likes of Arsenal sitting in 9th as a mediocre midtable club, yet running off to create a new tournament where they don't need to qualify, is one of the craziest things I've seen in sport.