To be honest, I wouldn't mind the big clubs splitting off.
I love the European Cup, playing against foreign clubs instead of the usual league routine (it's especially bad in the Austrian league, because there are just 10 clubs, and everyone plays against each other 4 times a season), is very fun and rewarding.
But the difference in financial capabilities between a "middle class" club internationally (or slightly below that) like the one I support and the top clubs has become so enourmous that the game just isn't the same anymore. Three years ago, Rapid played in the Champions League and ended the group phase with no points and 3:15 goals in six games. And since then the gap has even widened for sure. Now we can barely compete in the UEFA-Cup anymore...
Or take the Premier League as an example - you could predict with near certainty, that no club but Liverpool, Manchester United, Chelsea and Arsenal will have a shot at the championship within the next decade
. Of course there are many clubs, who never had a realistic chance of winning a big title, and never will, but they could dream about it at least. How's that fair? Imo the Champions League is responsible for that.