The proposal is for the bottom placed teams TV money to be used as an "anchor". Teams could then spend up to 4 times this in player wages.
Official Premier League figures for the 2021-22 season show the team finishing 20th, Norwich City, were paid £100.6 million in TV money, so if wage bills were restricted to four times that sum it would set the maximum at £402.4 million. The club with the highest wage bill that season were Manchester United, with £384 million, which would have been inside the hypothetical limit.
So, it's not going to have any impact at all then then unless the TV money goes down drastically.
Waste of time.