No. It was the smaller clubs who allowed the bigger clubs to do it in the first place. As soon as the smaller clubs started taking the bigger clubs players on loan they began digging their own graves. Lack of foresight and forward planning.
Actually agree with you that the PL should take action. Not for the benefit of any of the clubs but for the benefit of the young players who are not being allowed or encouraged to develop at the right level, a la Armstrong for us and too many to mention at Chelsea and Man City in particular.
The Clubs outside the PL also need protecting for the benefit of the Game from the money of the top, financially, 2 or 3 clubs.