There will be loads of teams in the super league who are just there to steal a "pointless point". There's no relegation and therefore no incentive for cheap owners to invest in their clubs to get them performing.
You'll have a couple of clubs for whom winning it will be part of their vanity project (expect City to go all out to win the first one). Then you'll have a load of clubs like United, Arsenal and Spurs, who will stink the place out and be happy just to be there on the gravy train.
I've seen this argument a lot, but I don't think that's what's going to happen. The transfer and wage cap is a free ride for all owners to essentially skim exactly what's left. They don't even have to pretend anymore, the rules are in their favour. I bet there's going to even be a separate kitty for infrastructure on top as well. Yes, there will be clubs with smaller revenue and thus smaller financial muscle, but I reckon all clubs will max their cap and the owners will skim their share. If fans start complaining, they'll simply point to the rules and say they've done everything in their power.