In reality, there's no real difference in format to the three European competitions as they now stand, the principle difference I see is that if Barca have a crap year domestically, they will still be in the "Star League" the following season (provided they aren't relegated from that league).
Obviously clubs can't do the UEFA comps and the ESL as that would be too many games, so they'd have to make a choice but that wouldn't be any more detrimental to domestic leagues than the current set up.
Playing devil's advocate here, if the prize money was evenly distributed down throughout the leagues, this could be a better format that the current set up. We can't afford to have the richest clubs getting a larger slice of the pie, as they are currently set up to receive, and moving further away from the rest.
The biggest challenge for our own EFL Championship is that any promoted team is hugely disadvantaged before they even start the league season, the gap has grown too large.
This could break UEFA's strangle hold or be the biggest fcuk up since Kerry Packers World Series Cricket.