Is it a problem? I'd argue that the money being sunk into the English game creates a better quality league with multiple clubs managing to spring upsets.
It may change how English clubs do in the CL (As Mourinho and Bale have alluded to in their interviews) but it creates a compelling league that continues to grow and attract viewers.
Depends what outcome you want. Right now the Premier League is a money making machine that gives a shitload of money from English football fans to foreign club owners and average players. The overall quality is rather poor considering how much money goes into the league and the excitement comes not through quality but through unpredictability because of so many awful decisions made at clubs like United, Chelsea, City. If you're happy with all that, it's not a problem at all. I fully agree that it's exciting, I had fun watching Leicester win the league.
It'll change though. Some of the rich teams will get it right eventually and the financial gap between the top and the bottom in England is still way too big. The tv deal doesn't change that considering the ever growing importance of commercial deals compared to matchday and tv income.
To use an example, let's compare United to the smaller teams in England, let's take the 7th highest team in terms of revenue, the richest one outside of the top 6.
The numbers for last season were:
Manchester United 395.2m (200.8m from commercial revenue = 51%)
Newcastle 128.8m (24.9m from commercial revenue = 19%)
5 years before that, the richest English team outside of the top 6 was Aston Villa, the numbers:
Manchester United 286.m (81,4m from commercial revenue = 28%)
Aston Villa 89.6m (13.1m from commercial revenue = 15%)
Do you see the problem? The increasing tv deals over the last 5 years didn't actually change anything in the financial gap between United and English midtable clubs. And the same will be true with the new tv deal as well. The smaller clubs continue to struggle to create money through commercial deals while the share of the commercial revenue stream at the top clubs grew in importance in a crazy way. It's the same problem in Germany, where Bayern's financial dominance is pretty much solely based on commercial revenue (70% of the financial gap between Bayern and Dortmund is from the difference in their commercial income, the difference through matchday and broadcasting income is minor).
The unpredictablity you see right now is because the top teams collectively fecked up. It might appear like a crazy coincidence, but it's still what happened. The whole narrative that the increasing tv deals create a financial equality that will lead to consistent unpredictabilty is massively flawed.
Smaller English clubs will continue to struggle to attract actual quality players, because most quality and ambitious players still look for an interesting overall package. They rather play for Sevilla on good money than for Newcastle on great money. It's why English midtable clubs have to overpay so massively for average players. Of course you can continue to believe that Stoke's attack is full of great players that would be stars in other leagues rather than face the reality that they're all failed talents who went for the biggest paycheck because they weren't good enough to play for a good side in any of the top leagues anyway.
The English top clubs will fix their problems and the unpredictability you enjoy right now will be replaced by actual elite level football at the top in England again. It might take another year or two to get out of the slump, but it'll happen. It's just the way it is and it's not the first league where top teams struggled collectively for a few years even though it should be unlikely to happen.