It's definitely going to be attractive for players coming from Europe, Footballers are career focused and will be conscious how playing in Europe will raise their profile.
That said, I dont think it is worth the trade-off; the PL is a slog & stats back up the argument that it's circa a 10 point handicap on your PL season. For perspective, only twice a team competing in the Europa league has managed to finish top 4, although Man United might do it this year.
For me the benefit of Carlo coaching this squad Monday - Friday next season will be priceless and an opportunity that mightened come around again