Is there any evidence that works? After all, IIRC, they said they same would happen when the Premier League was created. All that happened is that Sky threw money at the Premier league. As a result, Player costs and wages went through the roof, and as a result, despite high ticket costs and a good payout from sky, most of the Premier League clubs are heavily in debt. In fact, according to
http://www.guardian.co.uk/news/datab...-accounts-debt, 16 of the top 20 clubs recorded a loss in 2009/2010. The total loss for the clubs was nearly half a billion pounds.
I can sort of see what you are saying though. I think you are thinking that if the likes of Arsenal, Man U and Chelsea are off playing in some European league, then the money for the TV rights (and radio rights assuming there is any) will be spread amongst the lower clubs more easily.
That may be true, but Sky provide a lot of that money. Sky are a business, so it's in their interest to provide what their customers are interested in. Their customers (a lot of whom support Premier League clubs) are likely to want to continue watching those clubs. So, I think that if the clubs leave the English league for some European league, so will the money they attract.
Personally, I think the Champions league is enough. It offers a chance for the top European clubs to compete against each other, but allows them to play in their home country as well.