This is it. It's finally happening. Was always inevitable IMO.
Massive blow for the PL but other European leagues have grown incredibly stale with the same team winning every year.
The million dollar question is: Why did other leagues grow so stale?
In my opinion there are several reasons for that. The two most obvious ones are:
1) UEFA CL money. It's insane how much more money teams that participate in the CL earn compared to teams that missed out on it. If you play in a foreign league and make the CL a few times in a row, you're almost guaranteed to finish top 4 in your league for at least the next decade, because you've such a huge financial advantage.
2) The EPL. Our very own league poisoned the transfer market, because each and every club is owned/controlled by an oligarch or investor, that pumps money into their club. Add the huge TV deals etc. and it becomes clear, that even a bottom-third EPL team has more money than the vast majority of La Liga, Bundesliga or Serie A clubs. Our clubs can easily buy the most promising talent from those leagues, if they don't happen to play Real, Bayern, Barca and maybe (!) Juve. That basically guarantees the success of those superteams I just mentioned, because not only do they farm their league rivals, nowadays the PL clubs do farm those clubs, too.
The gap between those superteams and the rest is only getting bigger and bigger.
In my opinion it's the wrong idea to just install a European Premier League with all the best teams of Europe. The CL is the perfect European competition. You have to earn your place every single year by performing in your own domestic league and the games are always something special. That would fade away, if a European Premier League becomes reality.
They should try to find solutions for somehow closing the huge financial gap between the PL and the other European leagues and also maybe develop a new system for transfer windows, that helps the non-elite clubs. This would be more interesting and exciting than such an incestous super league.