Currently, clubs receive a guaranteed share of all the TV money from the Premier League. Domestic money (£1.7bn per season) is shared in 3 ways: The equal share (50% guaranteed, shared across 20 clubs), facility fees (£10m guaranteed minimum, given approx £1m per appearance.) and merit payments...
Not as simple as that though is it? If this were the case, we'd be considerably poorer as a club and Manchester United would be considerably richer - I can't see United willing to share the receipts from the Manchester derby with us. There would be no guaranteed £120m each season for every PL...