How do you implement something like this when there's neither a collegiate system nor a closed league system? We have promotion and relegation in almost every major football league, what happens when you get relegated? What happens when you want to bring a player in from overseas?
If you solve all these issues, how do you get financially advantaged clubs to agree with it? Everton might want to reduce the advantage City and United to be reduced, but they won't want to relinquish their advantage over Huddersfield, Burnley and foreign clubs.
I don't think there's any way you could implement it.