Can't see it being merit based entry... will be purely on money and international appeal, so invite only. Possibility of future expansion but won't be relegation.
Plus, can see most games being played in Asia and Anericas so not a club I'd want to be in.
What's left will have less money...
...and thus a pre-cursor for the "big 6" to leave to create a european super league - leaving behind a better, closer and more entertaining PL. Sooner the better!