If you take Man United / City & Liverpool out of the PL the TV rights plummet. They might recover in the long term, but the immediate negotiations (underway at the mo) would suffer hugely. You cannot sell Burnley V Fulham to China / USA etc. In fact the PPV model for extra games showed you couldnt even sell it in the UK, it had less than 1000 subscriptions.
it could catch back up in the long term for sure, but go back to the Karen Brady test, she is not going to vote down revenue tomorrow, in exchange for a long term view