While I disagree with Rangers and Celtic being allowed into the Premier League, they should enter the english league through a play off to enter the Blue Square Premier IMO.
But I do agree that something needs to be done about it. Smaller teams, ie Bolton, Wigan, tenth place is the best they can hope for. Villa for example Europa League place, but they can't take the competition seriously. Blues 17th is considered a good season. Where as the Championship, and football league, it is a lot more competitive, and there is more to play for.
The best thing in my opinion would be to start this European Super League, but set requirements on the clubs, for example financial security, not just the biggest stadium, and the best teams, and the make the premier league more competitive by lowering the prize fund. This will make things more competitive, and more teams will have more to play for. Which should improve the games, and entertainment for the fans.
With regard to losing a major team due to finance reasons, we could Liverpool do that sooner than you think.