A load of commercialised romanticised horseshit. There would not be 2 Premier Leagues. There would be 1, and 1 only. Teams would be gutted to be relegated into EPL2, as it would just be the Championship and after a while it would lose stature. Especially if non English teams are dominant forces in it.
Also Celtic and Rangers would surely start at the bottom of English football and spend years working their way up? Why would they just appear in any EPL league? If they did go to the bottom it would absolutely cripple both teams financially.
I hate shit like this, you just know it will happen too.