The FFP was brought in to stop any other club doing a Man City and pushing Man Utd, Arsenal, Liverpool, Chelsea off the top table. Only 4 Champions League places so what if Spurs or Everton, for instance, had a City type owner....its only there to protect the big boys.
The only rule should be that the debt is not saddled on the club, the owner takes full responsibility.
Yes, it would eventually lead to breakaway leagues with no relegation or promotion, but I think it would gradually die as fans would drift to smaller, local clubs for their shot of real football.
Maybe there'd be enough subscribers to the fantasy league but without passionate fans in the stadium its not the same no matter how good the players are. The gladiatorial appeal of football, the sheer spectacle of a game that really matters to partisan supporters is why the game is so popular and why SKY can sell their product. Take away the life or death battle for survival from relegation and the game becomes too safe and predictable for the clubs outside the top 5 or 6..
Scrap FFP and let the owners take the risk. It will sort itsen out organically and people will vote with their feet and subscriptions.