I think what is proposed (but the EU will veto in any case) is that european clubs will only have 5 foreign players in a starting team. But by "foreign" this means players that have not come through the ranks in the club. Therefore, an Irish, French, Spanish etc guy come join an english club when he's 18, make his way through to the first team and he would not be considered "foreign" in this case as he was developed by the club. So the impact may not be so drastic, but the EU will veto any such moves anyhow.