Pretty good idea if you ask me, depending on the criteria.
Felt we really deserved a wild card after the Moyes season, after a record of 17 consecutive seasons playing Champions League and making 3 finals in the last 6 years at that time and having a huge budget to buy top players it was very weird not to see us in the biggest tournament.
I believe small clubs make around around 20 million for playing in the group stages of the Champions League. Surely we could've reimbursed a club with no history like say Cluj or Maribor by paying them 30 million, after which they got to take a place in the Europa League so they'd still have European football at a level where there's a bigger chance they could've been competitive.
Not sure how I would feel about a club like Spurs getting a wildcard though, of course they would be good for the tournament but at the same time they can't make any historical claim. But massive clubs like Real, United or Milan who have a great history in the tournament should always be in it as far as I'm concerned, preferably taking the place of smallest clubs with the lowest budgets and the fewest chance of getting results in the group stage.
I also definitely believe the draws of the knock-out rounds have been fixed over the years, that hasn't harmed the tournament. So why should giving wildcards to some of the biggest clubs in the history of the tournament be harmful or unfair?