Let the big clubs leave and take their existing top-six domestic mini-league with them. Let them compete in a no-relegation, no-promotion Euro League and see how quickly fans get bored watching a series of meaningless mid-table games 1000+ miles from their homes. Imagine how little Spurs or the Italian clubs would ever win in such a system. Treat the Euro-league clubs as selling a foreign product into the UK media market and hit them with taxation/tariffs that could be redistributed elsewhere in England.
The FA should then insist that any player wishing to represent England should be registered with a club based in the EFL or the national league of a recognised FIFA member. Let them then set up their own pointless all-stars franchise tournament and sell what remains of their souls to the TV companies. Then insist they add a stupid brand name to their existing club name, so that anyone born after 2020 will recognise that the newly established competition is no longer football as any Englishman would recognise it.