I'm not sure on the idea, but I can empathise with their idea. After all, it's been 20 years since Ajax won the Champions League, and there hasn't been much disruption of the 'big four' leagues since then, with just a solitary win from Porto in that time. Compare that to the preceding 20 years, when you had teams like PSV, Red Star, Marseille, Steaua Bucharest winning the title, and the likes of Malmo, Brugge, Benfica and Saint-Etienne reaching finals.
Suffice to say, this league may do nothing to give teams from these leagues any more chance of reaching the latter stages of major competitions, but it's a sad time when clubs with such rich histories are resigned to almost feeder status to the giants.