It really depends how it works and we need more details but could it potentially help some clubs cement some European history? It may end up being seen as a tier below but if you ask fans of teams who play in the Europa League, I'm sure they have had a lot of memories and enjoyment from the competition that they wouldn't have if it didn't exist at all.
If I try to think of the best reasons for how this could turn out just fine, I'd factor in that it could mean that fans of teams like Everton, Leicester, Wolves, even Southampton, West Ham, are now able to qualify for whatever the champions league or europa league would be, could even remain the same. That competition would probably see a much bigger change over of teams each year, as the clubs that now qualify for eufa's competition(s) are more at risk of position changes being quite erratic each season.
So there's 3 different non domestic competitions. Super League, Champions League, Europa League. The latter two might not be as prestigious as they once were but it is still a European Cup competition for teams to enjoy. Teams who have never featured in one in their history.
It's easy to sneer at now but I'm sure fans of plenty of clubs would enjoy a European night against a Valencia or Roma.
Then there's the idea that it's quite an intriguing competition. There would be far less dead rubber games and teams would be found out more often. It gives a good idea of the talent at the very top, it's difficult to gauge the difference between a Bayern and Barca at times. They can go years without ever playing. Seeing all of the top teams regularly duke it out gives far more meat to conversations about the best players, teams and coaches in the world.
It gives fans a chance to see more of the very best players in the flesh. You get to watch the likes of Messi at Old Trafford and I don't think people only enjoy seeing him play because they don't get to very often, I don't think the argument of playing each year means the novelty goes away. You turn up to watch players like Neymar and Messi, Mbappe and Ronaldo as many times as you possibly can. For a lot of fans in England, that isn't very often, if at all. It makes these players more accessible and that's quite exciting.
Plus, change can be exciting, the unknown and what have you.
I'm not saying I'm 'for' it, I'm still very much trying to process it and weigh up the pots tial ramifications.