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According to German news outlet Bild the UEFA is planning 2 big changes from 2021: https://sportbild.bild.de/fussball/2018/fussball/uefa-beschluss-europacup-neuer-wettbewerb-ab-2021-56967234.sport.html

  1. Downsize the Europa League from 48 teams to 32 teams. This should make the competition more attractive financially and in terms of quality of play
  2. Start a new 3rd European tournament with 32 teams