Financially it makes perfect sense. As for what it would do (whatever is left of) an old school and romantic (for lack of a better word at this hour) notion of what football is, I don't think many words are needed.
I realize money talks, but as I remember it from when it's come up previously, the sticking point isn't the finances and whether the big clubs want to. They do want to very much. Rather it's the way all of football is structured. Despite FIFA's recent huge troubles, they're still a power house. UEFA answer to FIFA, and the FA (in England and elsewhere) are members of FIFA and UEFA. Meaning that there's a number of problems. UEFA won't allow clubs to participate in their own side show along with the Champions League. And they'll probably threathen to kick the FA out of FIFA and UEFA if they (the FA) sanction clubs to participate in a side show and the PL. Finally meaning that any player from these clubs won't play the World Cup and Euros.
So it isn't just setting it up. Far from it. It would mean restructuring all of football and taking all the power away from FIFA and UEFA. Would have been impossible a few years ago, but Blatter's and his friends' greed might just have opened a door for greedy clubs. Still can't see it happening though!