to be honest, the Premier League has been so greedy and the clubs so unrealistic about running their clubs, that they all deserve to collapse. So little money gets filtered down so it is not a surprise that things are going tits up in the lower leagues and if all the Premiership clubs went bust, I doubt that it would affect the Championship too much. I suppose that the biggest difference would be the transfer market but there seem to be so few players coming up from lower leagues (and especially English ones) that this might not be such a big deal.
I also think that there should be a rule that your losses in a year should be directly linked to your turn-over, with points deducted if they are broken. That way it would stop the likes of Chelsea running up a £75m loss, down 7% on the year before, on a gross turnover of £223.3m (2006/7 figures) and not having to worry about it because of their owner being able to throw money (in the form of a interest free loan) at them and carry on regardless, when any other business would be bust.
In 06/07 Chelsea's wage bill was 71% of turnover (down 5% from the previous year) which is one of the main problems. My little brain has worked that out to be £158m on wages and salaries!!