Something that has been bothering me is the fact that both Spain and England both get 4 spots for the Champions League. I just don't think the coefficient system in this case works very well. Real Madrid and Barcelona are always many levels above La Liga's 3rd and 4th placed teams, but they are always the ones performing well in the CL so they give La Liga an unnatural ratings boost.
I just think the EPL's 5th and 6th placed teams can easily perform just as well but probably better than whoever gets 3rd and 4th for La Liga and yet they have to go to the Europa League.
This season, England, Spain and Italy got 4 places.
England: Man Utd, Chelsea, Man City, Arsenal.
Spain: Barcelona, Real Madrid, Valencia, Villarreal.
Italy: AC Milan, Internazionale, Napoli, Udinese. (Udinese were eliminated by Arsenal in the non-champions play-off round)
So it is the three top leagues that enjoy the luxury of sending 4 teams to the Champions League (from next season, Germany replaces Italy)
Now, after clarifying that, let's get into the gist of your argument (or lack thereof)
It is true that for the past few years, the EPL has enjoyed a massive financial advantage over the other major European leagues. This has partly been translated on the football pitch by England's big four, but no one else.
This financial advantage has mainly to do, with the extremely lucrative TV rights that the EPL has managed to sell to Arab countries and East Asia. (EPL gets 4 times as much from overseas TV rights than does La Liga currently, but the aim of La Liga is to boost that revenue in the near future)
Overall, the EPL generates around 2.5bln per annum, whereas Serie A, Bundesliga and La Liga around a billion less than that. But for all its financial supremacy, the EPL has not achieved very much. I have many times noted on this forum, that EPL's on-pitch advantage, has more to do with the two oil-sponsored clubs, and not its fabulous commercial revenues. My point is that without the Russian and the Arabs, the EPL would have been nothing really special (could conceivably been weaker than the other 3, surely vis a vis La Liga)
So, to conclude, what would be the rationale for European football by rewarding an already privileged league?
In fact, I have a different, and much more radical suggestion. Limit foreign players to a max of three (like in times of old) so that football nations that actually produce talent will be rewarded, and so that financial superiority cannot be readily translated on the pitch. A rule like the one that I am suggesting, will greatly improve competitiveness across Europe as well as within nations for very obvious reasons. Oh, and if such a rule comes into play, the mighty EPL, will really, really be tested...
*Real Madrid and Barcelona are not always many levels above the rest in Spain. In fact this is an extremely recent phenomenon (last 3 years or so) Remember that in 2007/08, Villarreal finished 2nd, above Barca. In 2006/07, Sevilla was fighting for the league title until the penultimate jornada. During the late nineties and early noughties, Deportivo de La Coruna and Valencia were just as potent as Madrid and Barca. In 1996, Atletico (yes, Pathetico, won a domestic double) in the early 1980s, Sociedad and Bilbao, dominated for half a decade. So your first point goes out of the window.
**As someone else noted, the combined coefficient of Real Madrid and Barca is lower than that of Chelsea and Man Utd. So, what you call an "unnatural boost" is a myth.
***More importantly, even if it were true, I cannot see what the problem is. The same can be said, about the EPL's top 4. By extending your logic, one could claim that the EPL's number one UEFA ranking is all down to the "Big |Four" -> an "unnatural advantage"
****Places 3-6, is where the EPL is the strongest in relation to other leagues, and especially La Liga (as things now stand at least) It seems to me that you are using this point to declare your admiration for the EPL, which is perfectly legit, but I would rather you came out and stated your preference clearly, instead of taking the long way round.