It has been discussed at PL meetings before. I can't see PL clubs abolishing promotion and relegation full stop, but they may be keen to move the pieces around by perhaps moving to 2 up 2 down, or have a play off between Championship club and third bottom etc.
Sky aren't interested in the arse end of the PL, it doesn't deliver in terms of ratings. All they want is United, Liverpool , Arsenal, Chelsea etc. A 'Super Sunday' of Swansea v Stoke, Bournemouth v Watford, Boro v Burnley and Palace v anyone is of no interest to the sad sacks who pay £1,000 a year and never go a live game.
By your logic the PL must have hated Leicester winning the league?