The way I see this playing out:
This idea will ultimately be shot down, simply because there would be massive resistance. From teams missing the cut (Tottenham for example), national football associations, "lesser" leagues, politicians, fans and, most importantly, UEFA (provided they're not involved behind closed doors).
The behemoth clubs will be pissed, but soon fall back to an older idea: reforming the Champions League by expanding it and guaranteeing a select club of "elite" teams their spot every year. There still will be protest, but the argument would be that smaller teams can still make it to the big boys table. And it would be a hell of a lot easier to implement, given the structures that are already in place.