If you think about it nothing would be much different... Only miracles and potential game changing takeovers would be off the menu and as we've seen that only leaves miracles.
It was ManU, Spurs and Liverpool who, after years of threats, were instrumental in the formation of the PL. Plus ca change. It would be a thing of wonder and beauty if a wedge could be driven between the 6 'elte' clubs and those 3 were plunged into a leagueless void. Perhaps the likes of Wolves, Newcastle and Leicester need to pull together and take these fascist clubes head on.
If, as has been suggested, this ManU-Liverpool cabal has been 3 years in the making, perhaps those two clubs, plus Arsenal, were becoming worried about their seemingly impregnable status. The great power of ManC, Leicester becoming champions, the increasing status of Wolves and the potential new weath and influence of Leeds and Newcastle has tinkered with old certainties.