Check out the
'86-87 European Cup, when Real Madrid drew Napoli in the first round. Meanwhile, the Swiss champion Neuchâtel Xamax played the Finnish champion Kuusysi. So the Spanish champion knocks out Diego Maradonna and the Italian Scudetto holder in the first round, while Sparta Prague beat the Iceland champs Fram by aggregate 10-0. The cries of "money-grab!" were not quite as severe when UEFA moved away from this model over the 90's and later (as compared to what we heard this week), but it was viewed with disdain by traditionalists when they started allowing 3rd and 4th place finishers from the big leagues and relegating the small country champions to play-in rounds that are untelevised and largely ignored.
Now consider that Chelsea is currently preparing for a champions league tie with Real Madrid, and its the first time these two clubs have played each other in a competitive game since 1998. From a business perspective, that makes no sense. If you want global media and sponsorship money, the biggest stars and biggest clubs have to be playing each other regularly.