More details on Project Big Picture are set to emerge next week as a trio of English football chiefs face a parliamentary committee.
Premier League chief executive Richard Masters, EFL chairman Rick Parry and FA chairman Greg Clarke are all set to be questioned on Tuesday November 10th at 9am.
The meeting will discuss a the obstacles blocking a financial rescue package for EFL clubs and will further scrutinise the controversial proposals for Project Big Picture.
Speaking to BBC Sport, committee chair Julian Knight revealed fears that 12-15 EFL sides could go under as a result of the financial crisis caused by the coronavirus outbreak, with the government not providing any bailouts to elite sport.
Knight added: "Covid has exposed many of the fissures in our society and this is one of the deepest and football has been exposed, frankly, as having the economics of the madhouse in many respects.
"We'll be looking to see exactly what they are going to do in order to ensure that we don't end up with a cataclysm in our national game," said Knight.
"I am not in the game of effectively sort of pointing fingers as such. But what I want to do is try to help processes and try to see exactly where we can get with this, because we all want a solution.
"Because frankly this needs to happen, if it doesn't then I really do shudder to think of the consequences."
Project Big Picture would have seen the country's top division reduced to 18 teams, with more power in the hands of the "Big Six" sides in the league.
The proposals emerged last month and were quickly shot down by the Premier League, while their offer of a £50m package for Leagues One and Two was also rejected in October.
