But wouldn't cancelling (i.e. voiding) represent the biggest rule-change of all? Every single regulation regarding promotion, relegation, CL qualification and the Premier League Crown would be torn up.
No they won't. Promotion to the PL is by invitation, voted for by the PL clubs and nobody else. Normally promotion goes through on the nod, of course, but there is no legal obligation on the PL clubs to vote any new clubs in.