Well as I said you'd obviously kick out the 'riff-raff' (inflammatory phrase deliberately chosen for effect without directing it at a specific club) first, cut it down to 16 teams with the focus being on money, who will be the biggest draw. Realistically I'd say the big 8 are pretty much a given:
Arsenal
Villa
Man City
Man United
Liverpool
Everton
Chelsea
Spurs
Then you'd look at some other sides and say they've either got a big support or have done enough in recent years:
Newcastle
Stoke
Fulham
Sunderland
Bolton
So that's 13 clubs, then it's a question of Leeds, Forest, West Ham competing against a range of other clubs including some in the Prem, probably Blackburn you'd give the nod considering they've been Champions of the EPL before.
Looking at that list I'm not overly happy with it, there's some teams in there that I'm not convinced would be a big long-term asset to the league in terms of what they will deliver year-in, year-out, although maybe without relegation they would get enough cash to improve and pull away from the quality in the lower leagues.