Just a few random thoughts. Yes the amount of money the PL has would be massively reduced but guess what? So would the wages of the players who play in it. The best players would go the the ESL but the best players have gone to the richest clubs for the last 30 years in any case. Rooney anyone?
I'd look like it as a kind of relegation. The PL would be devalued but I'd still like to win it. Are you not going to go to GP/BMD when we are at home to Villa or Leeds just because Man City are playing AC Milan live on telly at the same time? You would have stopped going if we'd have gone down against Wimbledon or Coventry? If it happens it would be a shock to the finances of lots of clubs but most would survive. Football clubs and their fans are a lot more resilient than most people give them credit for.