That basically means that you call the division that is now called Europa League Champions League instead, no? I can't for the life of me see how that division would attract more interest than the EL does now.
It is an interesting idea though! If the top 'division' would be the CL as it is today, I wouldn't mind seeing a system where only the 8 group winners and the 4 best group runners up were guaranteed a spot in the last 16, the knock out stage. Have 4 teams from the second 'division' fight it out for the remaining 4 spots.
In our situation going forward, where we are likely to have one of the real powerhouses in our group, it would mean that there would be no more of the meaningless, crap matches; we'd have to assume that we wouldn't end up ahead of Bayern, for example, and really have to focus on getting both good results and scoring goals in the other fixtures.