What's the state of La Liga if European Super League took off?

In a an alternate timeline  there exists a La Liga without the big super clubs which make La Liga a globally recognized brand especially for the casuals and those who are just getting into football. Barcelona and both teams who carry the Madrid name are out of the picture. Hypothetically, let us hypothesize how this hypothetical scenario could have potentially impacted the footballing landscape in this reality.

Here teams who have been good but not good enough to challenge for the title consistently get their chance to shine. The clubs who have been Europa regulars and have in recent times punched above their weight in UCL and other UEFA competitions before the super league like Bilbao, Sociedad and Villareal to name a few.

The revenue would be initially suffer huge losses as most of the TV rights being brought in by the super clubs would not exist and TV rights deal would garner a lot less financial might. But eventually La Liga will adjust and the said teams would be the face of Spanish football and La Liga considering the involvement of the super clubs. 

With ESL would lead them to completely breakaway from the Spanish league structure and the neutrals who crave domestic variety that their leagues offer instead of watching el classico on loop flocking back to La Liga. The revenues might not recover back to pre ESL levels even in five years after ESL but they would survive and thrive eventually in terms of finances as the market. La Liga would still exist as long as local fans and neutral fans do and football being a community based sport will ensure that it will.

In terms of star quality, there would be a massive drop off and La Liga would not be in a position attract a mega star transfer for sometime in this alternate universe. But the robust youth sector would ensure that the standard of La Liga would not suffer a massive downgrade. It emphasis on youth and domestic players might actually end up working in their favor eventually filling up the void. 

And who knows, the big ESL clubs might end up tapping some of these stars for huge transfer fees which could further help off set and balance out the financial. It perceived gap between these two worlds or at the very least considering ESL has no relation with rest of the footballing landscape attract interests from other leagues and give legitimacy to these clubs. For example, a Villareal player going to Leverkusen for $50 Million would elevate the status of the said club in question as a global player in the transfer market. 

Even though Super League thrives, La Liga also survives (comfortably) in this universe.

Cover Credits - The Mag