https://www.theguardian.com/football...mpetition-2021
The Europa League will be reduced to 32 teams, with the new tournament also being 32.
My suspicion is, that this will move the EL into line with the Champions League ambition; as many big clubs in European competition, playing other big clubs as possible. Lower ranked teams will find themselves in this new Cup, alongside clubs who get knocked out of Europa League qualifying. Hell, maybe even clubs getting knocked out of the Champions League could cascade down through the Europa League into this new one.
I'd hazard a guess that our league would end up with one CL, one EL then all our other European places would be into this new one, which presumably will have even lower TV / prize money. Basically a 'hey, you still have European football!' excuse to exclude the less profitable sides / nations from gatecrashing the top table.