As an idea, the Champions League is a good one. Yes, it's been set up primarily as a money spinning way of getting a bit more TV revenue, but the notion of pitting the world's best domestic sides against each other is certainly something that should be pursued, and it's surprising that it took until 2008 for someone to think of it.
As a competition, however, the Champions League doesn't work so much. It just doesn't capture the imagination of anyone, at all. The qualifying stage, where teams have to fly out with no guarantee of actually getting into the tournament is stupidly thought out, and the fact that there are three teams in the groups means it will almost certainly be decided on net run rate. A long way to travel at a great expense, only to see your side miss out thanks to a piece of maths.
One of the most obvious flaws in the tournament is of course the fact that players who qualify via a number of different teams have the option of picking who they want to play for. And given the spending power of the Indian sides, any player who has the choice between their home domestic side and their IPL team is always going to follow the dollar. This is clearly unfair, skewing the balance even further towards India - lest we forget that four Indian teams qualify, compared to one apiece from Sri Lanka, West Indies and New Zealand. I know the Indian boards organise and bankroll it, but surely this blatant bias just isn't fair?
The tournament could work. The top two teams from each country all go into the group stages, with players who qualify for more than one team made to play for their "home" team. And it could be held more than one day after the county season ends. The idea of the world's best domestic sides all facing off should work - it should really work. But it just doesn't. Dwindling attendances, sponsors who don't even want to be associated with it, poor organisation, and the fact that teams could stand to make a loss on the whole escapade - the Champions League has a lot of work to do before it can be considered along side it's footballing namesake.