Is it though? Without the threat of relegation, or consequences for playing badly, there are going to be so many dead rubber games where it literally doesn't matter if either team playing wins loses or draws - glorified exhibition games for the excitement of no one.It won't destroy the game, it will just change it a bit. But in the grand scheme of things, it will not change anything.
Yes, some clubs who might have qualified in a fairer system, won't get qualified there. But more than 99% of the European clubs (I would go as far as saying more than 99.9%) do not have a hope in hell to ever qualify for UCL anyway. Yeah, Leicester might be there once instead of now twice, but most of the clubs are not even in the league system.
I agree with you that the league is going to be spectacular. I would have preferred a relegation system, with two groups of European League 1 where the relegated teams go (and the relegated teams from European League 1 are replaced by teams who do well in national competitions).
But, it is not the end of football as we know it. For most clubs, nothing will change. For some like West Ham, the only thing that will change is the illusion of qualifying for UCL, but that was an illusion all along. And for some like United, the threat of not being able to qualify for UCL will be gone.
Competition without competition is pointless and f*cking boring.