Agree ... I'd think that the lions share of subscriptions home and abroad are paid to watch the PL big 6 either v each other or v the 'also rans'. Take those 6 away and the subscription revenue dries up overnight. Unfortunately BHA v Cardiff, or Southampton v Burnley just doesn't have a great...
The collective deal in L1 & 2 is 'peanuts'. Even if you took it all away dividing that up between the Champ clubs isn't going to materially change their finances (or have I missed a key point?)
That's what I see as happening ... not a question of if but when.
When that time comes I suspect a huge lump of the overseas rights will disappear and the value of domestic rights will be slashed too. Whereas today clubs are guaranteed £100M I'd have thought they'd be lucky to get much more...