Yes, exactly that
The prospect of a Europe league hasn’t entirely gone away, so say for example our “ top eight” teams break away then the Premiership would be a dead duck anyway.
Then take the remainder of the Prem teams, add those to the EFL, have 4 divisions there ( as we used to have)
It could also be arranged with FIFA/EUFA etc to allow a Champions League spot for the top two of the “ new EFL”