I think the format is fine, but the qualification method is ridiculous. Having 14 non Champions automatically qualify, just because of the league they play in, is farcical.
The Champions League is shutting off to the other leagues in Europe and has bent over for the big leagues, only for the club's to decide even that wasn't enough.
Instead of opening up to these leagues and solving the 'Ajax problem' that way, they just add them on at the bottom and couldn't possibly think that perhaps Ajax might be more worthy than the fourth best team in England / Spain / Italy or Germany.
The irony of these teams in these leagues wearing the 'Earn It' t-shirts has obviously been lost on then.