The "people will get tired of watching Madrid and Barcelona" argument is stupid. I'd be happy to trade Burnley, West Brom, etc for the European elite teams. I have no problem with that aspect of it whatsoever.
It's not a stupid argument at all. Watching Madrid and Barca play each other ten times a season will get boring very quickly. The whole allure around these games for most people aside from the rivalries/players is the fact it's a luxury that doesn't come around often. It's to be savoured when it does.