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But how would that work? Do they only get promoted for 1 season and then definitely relegated next season, to be replaced by a new 5? Or do the 5 no-members have to go into a playoff competition with some new candidates? What if 1 of the 5 promoted teams wins the league? Do they get to stay up?

That is assuming the big 6 get kicked out. If they stay in the league, broadcasting revenues would remain much the same. But the competition would be undermined, with vastly improved spending power of Arsenal/Spurs/Liverpool/Chelsea and United. It really will go back to being a closed shop of...