I think it shows how detached the owners of these clubs have become, even from their own fans.
I'd agree with LG on this, call their bluff.
The PL can make it clear that they will be expelled if they choose to continue. The FA/UEFA can make it clear that it would be very difficult for any players involved to play for their countries again, and of course cancel the clubs' membership of their respective associations.
The government might even be able to apply pressure by having different taxation requirements and overseas player qualification regulations for teams that aren't part of the FA.
None of these organisations are without clout.
This has actually opened the door to reviewing things like fit and proper ownership, financial fair play, and even salary cap regulations. The English FA and other European FAs could use this as an opportunity to really start a push back against the entitlement that these clubs feel they have. They could step up now and start to bring the game back down to earth; it would benefit everyone except for perhaps a few billionaire owners.