I think this will all come down to what legally can the existing leagues, UEFA, FIFA and Government actually do about this. The problem we now have is that they've committed themselves to this league in a very clear statement. Even if it doesn't go ahead, is this classes as bring Football into disrepute and they still get punished? I mean, as most people are starting to realise, the irony of all of this is that its brought together literally EVERYONE who follows football in a united stance. Something you'd always hoped would happen for more positive things in life.
Only other thing to add is that I wonder how many people relate it to how the Premier League started. Without going too deep into it, I really do think that is different. That was about an individual country restructuring its own leagues, although the FA back then hated it and said it would never work. This impacts all of Europe in the contest of being able to play against each other and effectively earn the right to qualify for certain things.