I think you're missing the bigger picture: financially this massively favours glory clubs. Sheffield U v Fulham will pull a few thousand PPV views.
Man U or Liverpool or Arsenal or Chelsea vs whoever will pull in 10's of thousands, potentially hundreds of thousands?
Football clubs like us already have to fight against an unfair system where 3 or 4 clubs are enriched by glory fans snapping up merchandise, tickets, dedicated TV channels, and so on and so forth.
TV revenue has always been fairly distributed. With one swoop, overnight, we now have a system where the rich get richer and the poor (aka: us!) get a hell of a lot poorer.
Do you really think once they get a smell of the cash this will go away? If you accept this now, this will be the way of things forever. When fans are allowed back in stadia, things will be even worse for small clubs, because now every glory hunter is paying £15 to watch his team on TV, and next to nobody is paying to watch Sheffield United, or Burnley, or West Brom, or Fulham, or .... (because most of the fans are attending the game!).
Congratulations.. you just further entrenched Premier League exclusivity.