I don’t have any inside knowledge of this, but my suspicion is this is intended to be a relatively short-term fix (say up to five years) until clubs and the league put their respective financial houses in order. But of course, if it proves to be successful then it will stay.
However, the EFL still have a lot to answer for in term s of how they have allowed so many unscrupulous owners to come and go across the leagues over the years, leaving many in a perilous state. Then there’s just bad financial management by individual clubs.
Funnily enough, the PFA were very quick to object. But they have failed to realise it’s better to have all (or most) of their members under contract somewhere than less than half when clubs start to go bust. Just my opinion, of course.