Probably a non starter, but as punishment I'd like to see all broadcast revenues (domestic + international) plus all UEFA Champions League and Europa League income earned by English clubs to be distributed evenly amongst all 20 PL clubs. You see this with the American college conferences, where prize money earned by member institutions in NCAA tournaments are split evenly amongst all the colleges belonging to the conference.
Yes, the top clubs will lose a lot of money, but at the same time there will be less of a revenue variable if they fail to qualify for the UCL - which is a major issue for many of them.