I've been a bit slow on this and haven't delved in too much.
So, based on my half arsed understanding...
Several clubs are permanent members. Others qualify? I assume this is based on league standing? So does that mean the champions league places become available for lower placed clubs? Or, it really isn't a champions league is it, by that definition!
The finances look interesting. Loans? Repayable based on success of the format. Ohhhh, seeing it tank could be fun.
Also, does this mean the champions league and Europa league are less lucrative?