The legality thing is a good point and not something I've heard much commentary on - do the PL have the right to kick them out (and if they do, do Sky have the right to reduce payments, for a reduced product?). Football is very much a house of cards - players contracts signed on the back of big TV money will need to be honoured and I guess this is why the big 6 think they can gamble and everyone else will just suck it up.
I don't see this as anything like the PL starting - effectively that was the First Division becoming the Premier League, but with different people negotiating the TV rights. This has the potential to destroy the European football pyramid as we know it. Ultimately it will hurt the ESL teams as well, they dont get that relegation battles is the main interest for most clubs in any league, and without it you get loads of end of season kick abouts with nothing at stake, very dull TV
I also wonder how far advanced the ESL are in TV rights talks - interesting to see Gary Neville going off on one on Sky Sports, when they are probably right in the thick of it.
BTW I hate Leeds, but I loved the 'Earn it' shirts last night !