As I said, the parachute payment system is ridiculous and needs an overhaul. But I think it's telling that even with such a gross distortion built into the system, there's still enough competitive variety in who wins promotion. Today's yo-yo clubs are tomorrow's also-rans (Birmingham, Reading, Sunderland), or can even become legitimate outfits (Leicester, West Ham, Wolves) - we're clearly not locked into an endless loop of the same teams going up and then down. As long as that stays true, I don't see how you can call the EPL a "Super League", any more than you can claim that elite European football has been "destroyed", as you did the other night.
I share your worries about growing inequality, but I think the margins are more fine than you're acknowledging here - Fulham's parachute payments and FFP magic were only good enough to get them a play-off spot the last two times, for example.