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This seems to miss the point entirely. The furore wasn't from further commercialisation, it was because a cartel of greedy clubs tried going solo and breaking tradition with the ladder system, where Leicester can win the Premier League or Greece the Euros. Most footballers are born into humble backgrounds, meritocracy matters.

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Except it's not a meritocracy. The same clubs tend to win year over year. Those clubs then get the most money which they then invest into players so they win again the next year. That something is possible doesn't make it a meritocracy if the the system stacks the odds against it by favoring incumbents.

Leicester, Wigan, Portsmouth?

It's not about the winning either. The romantacism of being able to win, when Bradford knocked out Chelsea in 2015, when Oldham beat Liverpool, fighting for 5th/6th place in the premier, or fighting to avoid relegation, this is the essence of football, where everyone, no matter what their team, can support their team and have those dreams.

iso1361 already made the point well.

There’s a non-zero percent chance for upsets in the current system. In ESL there’d be no chance. Zero. Zilch. That difference is fundamental and transcends the collective psyche of world football.

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