I think there needs to be a rain check on PSR. It wasn't created to entrench the advantage of the existing big teams, but that has been its effect.
At the same time, it hasn't stopped the likes of Everton and Villa almost going to the wall because its bite wasn't hard enough, but also there are too many schmucks lining up for a piece of the action - no-one should have. touched Everton with a barge pole, but they are still here, not because PSR protected them, but because Friedkin bailed them out and Moshiri accepted he needed to take a big hit on his investment.
There needs to be some sort of relaxation to allow the likes of Newcastle the chance to have a go at breaking into the top tier of clubs, but it still needs to protect the likes of Everton and Villa from inflicting potentially massive harm on themselves (and more importantly, on their fan base).
And obviously it needs to give good, hard fuckings to the likes of City, PSG and Chelsea, who are all taking the piss.