I should add that it does not help the reputation of the EL that losers from CL group stages join too.
Well recent winners of EL include the likes of Chelsea, Manchester United and Atletico Madrid. 2 former CL winners and a club that reached 2 CL finals in 2014 and 2016. Not bad..He didn't say he called it that though. However the statement itself is not wrong, EL is basically for shit clubs ever since the CL got so blown up.
It certainly could, however it is still the prime competition and as long as there is no better one the best remains the best.Technically even the CL can also be described as the 'losers' cup as many of the teams participating in it are not Champions of their countries.