Do we really think as early as September playing in the Europa League would impinge on the league to any great extent? It's counter-intuitive anyway because let's suppose we are in those competitions later on in the season, the lack of knowledge and practice on how to cope with multiple fixtures in a week will come to the fore.
There are poor teams but it's not a competition completely filled with dross and we'd theoretically level the playing field anyway. For example there's a good chance we could end up running in to a side like Malaga or Levante.
I just don't how we've worked ourselves in to the position to treat so many trophies with disdain, especially when we might lose out on the one 'trophy' we supposedly aim for each season.