Bayern won 9th BL in a row, Juve hired a rookie coach otherwise we would have walked to 10th in a row. In Spain, its either Barca or Real, occasionaly clubs like Atletico break through... In the CL there are always 7-8 top teams participating and the last time an obsolute outsider won the competition was few decades ago... So Im not really sure what exactly would have changed for worse in terms of competitivity with ESL, except having more frequently big sides encountering one another.
No one watches CL because of teams like Krasnodar, Dinamo or Nordsjallend, they are just unnecessary nuisance, with all due respect to them. CL is already an elitist competition where small sides have virtually zero chance to compete with heavy weights. The revenue distribution system is based on the size of their domestic market since this dictates the price of broadcasting rights. Therefore clubs from England, Italy, Spain and Germany will always get lion's share of revenue, which creates bigger and bigger gap...