I mean, they can do whatever they want, it's their League at the end of the day
The media will be on board with it and will go into overdrive pushing it as a good idea
I doubt many of those Championship clubs will sue, if any
Ok. I'll try to out it into more legal jargon.
If you cancel a season, the default position is void. It is that results dont count. This is your defence of then not having relegation.
If you then re-open the case, and start giving value to the season, and move from the results being invalid, sides are going to say if you can do it for 1st place, why cant you do it for 18th, 19th and 20th? Either the season is valid, or it's not.
As for the point re championship points, I mean this politely, but you are really mistaken if they wouldn't challenge it. Leeds will be going bust if they dont get up. They will have an open goal case, would be be due hundreds of millions of pounds in TV revenues. They would legitimately ask how are Liverpool champions anymore than they are champions? And if they are champions, they are due to be promoted.
So yes, they can do what they want. However, legal advice would be, the moment they move from a cancelled season is invalid, they are massively exposed to litigation ranging into the hundreds of millions (per club).
I remember these discussions re contracts and June 30th weeks ago. People also said then "football can do what it wants" and "there would be no legal consequences". They cant, and if they do, there will be enormous legal ramifications.