I agree with you that the Sky (and BT) money creating such a massive divide between PL and FLC is a massive problem, but how can you stop someone who wants to pay silly money for broadcasting rights? Are they supposed to turn it down? That's not going to go down well with clubs, turning down potential revenue.
So the most that can be done really is to even the playing field a bit by making is more difficult for clubs to hoard players and thus spread the talent out more across each league and thus make it more competitive. That puts more teams in with a likelihood of relegation and with the immediate drop in earnings without parachute payments affecting player wages the chances of them just bouncing back and it becoming an almost closed system for the big teams is reduced.
It becomes more about the ability of scouting, coaching, management and tactics than "just we've got shitloads of money and can buy the best, stuff the rest".
I'm not saying the idea is perfect, but it would be a much fairer thing than the current set-up.