Whilst i'm not happy about the state of things at the moment, Uefa cannot do anything to stop it.
I think the major problem we have with a European league is that big money men are now buying the smaller teams as well - OK, so Man City aren't that small, but I give it two seasons before it becomes a "Big 5". What do we do then? Put all 5 of them into a super league? What if another club, say Everton, are bought out by big money men and are regulars at the top of the table - do we take them as well?
I guess the point i'm trying to make is that if we do take the top 4 out now, the Premier League will still attract massive investors - it's marketing is too strong. Eventually there will just be a new top 4.