It's a breakaway league so there won't be a top 6 in the EPL and 4 new available Champions League spots.
I would expect the format would be all the teams play eachother 3 times, home, away and neutral making a total of 33 games with room for another couple of teams to get closer to 40.
I think it will just feel like an exhbitiion for a lot of fans of those clubs and also they will need to get used to much lower win percentages than they're used to. Also with only one prize, the league top spot, there's not a lot to play for. The last 2 or 3 weeks could be meaningless for 10 clubs as they can't win it and there's no threat of relegation.
Also the competitiveness of the league will actually make the participating teams look pretty average and without the ability to compete with clubs outside their bubble there'll be lots of chatter about whether these clubs are the still the elite.