The problem with that is that the TV companies would probably move their money elsewhere. That would then result in a lot of the current premiership sides finding themselves in financial difficulties, and having to lower the quality of their squads.Agree, England should implement that, I would go so far as only 3 foreigners in a club side.
We'd probably end up with a Scottish type (Rangers/Celtic) domination with the rest making up the numbers. I accept that the premiership is currently dominated by an elite pack of 4 or 5 clubs, but at least the other clubs can still afford to put out a half decent team that sometimes provides a little resistance.
If the Premiership sides don't have the money, then the clubs in the lower divisions will not have the cash to run their youth development programmes to feed the higher division - its a vicious circle.
At the end of the day England is only looking for a squad of 24 decent players - surely there must be that many in the 220 men that get a Premiership outing every week.