At the risk of a shameless plug, I wrote a few articles last spring about this, and a bit on the last one I wrote.
What's happening in France is a major major problem. You are getting concurrent crisis for football, which is stems from the product not being worth as much in a world where streaming etc exists. It is an industry that has grown in terms of wages and fees about about 25-30 x what the inflation rate has been over the lats 25-30 years. It's a massive bubble now and an over valued product. There needs to be some re-balancing, and that is hard in any industry, but in an industry like football which has only known growth and fans demand the best it becomes almost impossible to think that way.
There's no transfer window in France for them to sell players, so hard to see where they go next? They will be selling players all over the shop come the summer.
There will be 2 key consequences for the PL for this. The first, when the next deal comes up (the end of the next season I believe) expect this to be downgraded. Potentially quite drastically. This will put enormous pressure on clubs. Broadcasters will be watching whats happening in France too, and taking notes. I don't know when the next CL/EL deal comes up too, but I'd expect this to decline sharply as well. As an aside, any idea clubs have of a Super League, with a broadcast deal far beyond what we currently have, is now completely misplaced.
The 2nd, is this will drive player costs down even further. You start getting 2 or 3 teams in Italy, 2 or 3 in Germany, most teams in France etc leaking players for a fraction of their "value"- it will drive costs further down everywhere. I suspet in the short-medium term you will a big difference between clubs who's owners are willing to put money in and those who aren't in terms of how they approach windows.