Trying to figure out the benefits here. Other than a couple less games, and bringing in the 2 dominant teams from Scotland, its hard to see much else. The bottom tier is going to lose for sure. Gate revenues down from not playing the big boys, but also, do they have a seperate TV contract? Again the top get richer the bottom loose out. In effect you've just created a smaller EPL, and one more division overall.
Instead, if they want to reduce the size of th EPL and bring in new teams, why not cut down from 20 to 18 or 16 teams in the EPL, which is something UEFA has been asking for anyway. While it might be exciting to see Celtic and Rangers play in the EPL, I think they need to start at least at the Championship level (maybe lower to be fair) and then progress. Otherwise it makes a mockery of the system. There are still lower division teams working hard, with limited resources to get into the Prem, so why should they jump ahead. If Bristol City can go from League One to prem in 3 seasons (maybe), then the Scots need to go the same route.