The biggest sport by far in Europe, is football, better known as soccer to Americans, which is both well followed and well loved. This is the sport that gets the biggest TV ratings as well as paying the biggest salaries, and while there are already tournaments galore in Europe, surrounding their football, there is almost certainly room for one more.
In particular, European clubs often suffer from a lack of competition within their league or have competition from only a small subset within their league, mainly because the biggest clubs, by virtue of having the best players, almost always top the table. These teams at the top are literally the best of the best, but the proving of how good they really are can only be tested in a format in which these great teams face off against other European juggernauts. To a large degree, this is already done through what is known as the UEFA Champions League, but this tournament consists of thirty-two teams, and takes months upon months to determine a champion, of which many of the clubs competing, have no real legitimate chance of raising the trophy.
Additionally, the top teams are always dreaming of ways of drumming of additional revenue, of which, the biggest and best clubs, constantly saber rattle about setting up a separate competition, colloquially known as the European Super League, in which a new tournament would be created, of which only the best of the best European clubs would play against each other, for this is what the public wants, this is what the players want, and this is most certainly what those owners want.
However, it is possible, and even conceivable to come up with a reasonable alternative to the Super League, which is to take the winner of each of the respective top five European leagues, which are currently located in Spain, England, France, Italy, and Germany and then have those respective winners of that season face off against each other at the immediate conclusion of their regular season. Further, the winners of each of the five respective leagues would be ranked, according to their respective league coefficient, as determined by an independent agency or UEFA, which currently would place these countries in the order of best to worse as Spain, England, Italy, Germany, and France. Then the top team from Germany and France would play each other to earn a shot to take on the champion of Spain; whereas the champion of England would take on the champion of Italy. Finally, in the championship game, the winners of the semi-finals would take on each other, and the winner of that game, would be the winner of the European Tournament of Champions.
If, such a competition was agreed upon, properly advertised and written about, along with being seen as a legitimate tournament of champions, then the ratings as well as the validity of such a competition would be embraced by the public at large. The amount of time devoted to such a tournament in which each game would be single elimination would not necessitate more than ten days, for a total of only four games would be played. Additionally, this would be the only competition in which only the winners of the top five European leagues would face off against each other, making it a very compelling contest, indeed.