That's a whole different subject. But yes, you are right. These days you never know who will win the premier. Liverpool, United, City, Chelsea, Tottenham and Arsenal are all good competitors. Everton could occationally kick into a Champions place, as well as West Ham. So yes, it offers possibilities. However this may backfire. Not having a couple of strong presences like they historically have, namely United and Chelsea last decade, will result in little accomplishments internationally. And you could also atribute this high competition to them being the richest league in the world, as previously stated. More money for transfers and wages.
And who wants to watch Madrid score 6 on Deportivo? Me. Everyday. Anyday. I don't know how I did not broke my tv when Messi scored on the 94th.
But yes, Sevilla, Villareal, Valencia and Atlético are not in the range of Madrid and Barcelona. Nor are Schalke, Dortmund, Wolfsburg, Leverkusen and Hamburg on the likes of Bayern anymore. Not to mention the Italian league.
However, I also disagree that having competition on the top spot equals for bad entertainment. It all depends on who you support, too. I don't think people supporting Memphis Grizzlies on the NBA have any doubt that AT LEAST Warriors, Spurs snd Rockets will end on top of them every year, but they enjoy their regular season. I enjoy my regular season supporting Dallas (hopefully they don't keep doing as horrible as this year tho lol)