I see where you're coming from, just don't quite go along with the reasoning. If you look at the equivalent European Rugby tournament (union anyway, have no idea about league) its still league position that determines qualification there. In effect the final league table qualifies teams for the playoffs and for Europe. I don't feel that would ever be compatible with a 38 game PL season. And that's what we're stuck with because as I understand it it would take 16 out of 20 teams to vote for a reduction in the amount of PL teams.
I certainly agree that the CL has been watered down over the years but it strikes me as odd then to use that as a justification for potentially reducing the significance of the PL season.
I suspect the FA would love to take 4 games off the PL calendar and replace them with an 8 team knock out tournament with all the games taking place in Wembley. But I hope it doesnt happen personally.