The big clubs have pretty much declared war on football as it currently stands. At this point the whole of FIFA / UEFA can try and appease them and eventually lose everything or stand up and fight this and maybe could win.
The financial reality of losing the big clubs likely means they will try and appease but I think if they give a single inch they will lose everything and are just delaying it. But if they come out swinging they could leverage the PR shit storm the big clubs created for themselves as a weapon.
If they said across all the leagues if this doesn't immediately stop that the big clubs will be expelled from all domestic football and allow effectively phoenix clubs to be set up and replace them asap so there will still be a club for the fans to support and we can carry on as before. The new phoenix clubs would inherit the TV deal.
You'd obviously have to flesh out the plans as it wouldn't be easy (stadiums, infrastructure, recruiting new players, etc will take time) but imagine if you effectively opened up 6 spots to be bought in the Prem to potentially takeover the existing big 6 fan bases I think you'd attract a lot of interest. It might be a case that the new clubs owners are given a year to set themselves up and we have a year without them competing but I think it could be done if the fans, sponsors, sky, FA etc were committed to making it work.
The idea would be to try and give the fans who all seem mortified by this suggestion an option to carry on supporting their side in the same way.
The current ownership may own the body of the big clubs but the fans are the soul and if they dont want to go then we can transfer that soul into a new body in the PL.
In the process the PR could devalue the ESL and cost them millions by having no prem money, champagne league money, no weekly games for gate receipts and ad money. The new ESL could certainly produce them more money when it gets going but if they all got expelled from all current competition then the money lost in the short term could be super damaging as they are forced to rework their plans.
I think if UEFA / FIFA take a merciless hard stance on this they could maybe get them to back down. Even if they did go recovery could be possible and by casting the departing clubs as greedy and out to destroy the game could win the PR battle. But if they try and compromise then they will lose this battle. The fans have a huge part to play in this too - if the 70k crowds attending the top 6 home games all made their opposition known or accept it will be the deciding factor.