Does it though?
Extra CL place for someone decent may motivate the nearly rans to vote against, likewise an extra Europa spot as everyone moves up a spot. Its going to take a few years for the UEFA co-efficient to drop, so should still get their 2 places for a few years yet.
The fact that theres only one powerhouse may mean a slightly better distribution of power internally, and probably of TV coverage. I dunno the finances behind it all, and I'm sure no-ones going to make money off it, but I don't hear too much of the other teams struggling massively financially, only those who spend millions to vie for the title - ie Rangers.
It'd make the league more competitive - Celtic would probably find their better players wanting to move to a more competitive league, and maybe their board might encourage that, as they don't really need too many big stars to retain their title/CL place (not like they get a CL run anyway).
Infact, to me the people with the most to lose from Rangers expulsion is Celtic. Players may want out for a proper challenge, they'll struggle to recruit new faces for the same reason, that'll hamper any reasonable attempt at the Europa League (or getting out of the CL groups).
Excluding Rangers might be the best thing the Scottish Prem can do in the long term. It gives them the chance to drive towards a competitive league again. Sure the amount of money the league brings in from TV deals etc will drop, so long as its evenly managed it might not be a huge issue. The wages throughout the rest of the division arn't so stupid, and the idea of being able to compete for CL spots might encourage the younger developing players to stay at your Motherwells and Hibs etc.
Of course, it may well really blow open the whole Rangers (and Celtic) to England stuff. Would the football league say no if they asked for a Championship place? Possibly not....