It seems coordinated (all the PL clubs have announced something like this). I don't think we'll be brave enough to just straight up reject it without asking anyone first - it's a wait and see statement.
Real and Barca seem pretty committed and they should because the current situation is an existential risk for them. There's no reason why they can't fall the way AC Milan or Juve fell, it's all about the money. So I think the league will start in some form - the private equity guys will juice it a bit with free revenues for participating clubs. Maybe Saudi clubs will be in and bring their star power (Ronaldo playing would be a decent draw). I don't think UEFA will ban Real from participating in the CL, so they'll probably field a 2nd string side in some cup competitions, manage their squad so they can play 20 games extra a season (La Liga, CL, ESL).
Eventually the outrage will die out a bit. If the pilot succeeds with Real and Barca and fans start coming in then we'll probably see a clamoring to get in.