I'm firmly in the kick them out camp. The league would have less money, but it still would get a decent TV deal and there would be a readjustment on wages, fees etc. It would work itself out. Whereas if these teams get to play in this sponsored closed shop it is the competitive end for every other team domestically.
I also think they over rate their worth. I didn't watch the premier League when we were in the champ, and I bet a lot of fans won't watch this super League of it's something they never have a hope of taking part in. Yes the plastics in Malaysia, but the English fans across the country won't.