If that were to happen, would the likes of Holder(s), Woffinden, Doyle, Lindgren, Sayfutdinov etc., etc., still be in the league? If so, how many of the current CL clubs would be able to afford a "top-liner" rider (or two?).
They did it in 1995 & 1996 and Newcastle withdrew altogether and Middlesbrough had Shane Parker as their number one (before he became a top heat leader in the 2nd-tier).
I presume (but I'm guessing here, obviously) it would be "pitched" between the current PL and CL levels. The first thing that would probably happen is fans shouting "It's a watered down product, but we're still paying top dollar for it".
It's a difficult one, as there are obvious positives from it, but it would have negatives too. But, I think, the bigger question is "what is best for the sport," but that seems to be kept being overlooked by those "in charge".