I think the Europa League needs rejigging but if anything I'd rather the CL was compressed rather than expanded, I'm all for making sure that teams from smaller leagues can get a chance to compete on the biggest stage, but it kind of weakens the competition a little for me that every year there's 6 or 7 teams that can't even compete on a game-to-game basis.
Personally I think the best thing to do is use the Europa League as an entry-point into the CL (Because clearly as a league in it's own right it is moribund), which I believe they are starting to do at least for the winners in 2016 or 2017, I reckon it should be that the winners get straight into the CL groups, and runners-up into the play-off. I think that would galvanise some interest for teams just hanging on the edge of their nation's CL qualifying spots, as for example realistically for us it would probably be easier to win the Europa League than it would be to breach the top four. Teams would take it more seriously, more people would watch, there'd be more money in it so teams would take it even more seriously, and so on.