Have you even watched the Premier League this year?
You literally have Leicester and West Ham competing for the top 4 at the expense of these so-called "big club teams", Liverpool (defending champions) have flopped, Arsenal are near 10th in the table, City started off flopping and then rose to the top. Actually, if City themselves did not go on a crazy winning run, the title race would have been one of the most exciting we've seen in the last decade. The relegation race is always a large component of drama too. So NO, it's not just the top of the table we care about. Any team is capable on any given week of taking points from other teams in the table, which is what makes every single game count in the table. The drama and excitement the PL brings every year is a product of what ALL 20 teams do in the league, not just what the supposed big 6 do.
But even if we went along with the ESL premise, why should the 6 named teams (Man Utd, Chelsea, Liverpool, Arsenal, Tottenham, Man City) be the ones to enter that competition? If you want to talk about competition, Leicester might have a better case than Tottenham. We already have the Champions League to see a clash of Europe's best. Having legacy teams or big-name brand teams in an elite competition is retarded because it does not take into account what has actually been taking place on the football pitch for the last few seasons.
Making changes and innovations to existing leagues (such as the Champions League) is one thing, but to uproot the entirety of the domestic league system is another thing all together and tips the scales far too heavily in favour of business motivations when you consider a "shareholder" vs "stakeholder" type-scenario. If you live in the US (which I'm assuming), of course you don't give a shyt about this proposal because you haven't considered the implications of expenses incurred by constantly having to travel etc. Not all fans can afford to do this.
This idea is simply in poor taste, no matter what perspective you look at it from.