Good.
It's not meant to prevent clubs spending big. It's made to prevent clubs from spending outside their means, there's a huge difference.
And this is the very problem. On the one hand, I like the FFP since it prevent clubs from pursuing unsustainable financial practices.
On the other hand, I think it's evil and it only solidifies the status of the big clubs.
It is in this era of modern football with globalization and huge amounts of money never seen before in the game that a few big clubs can dominate without falling from their perches. Never before have clubs been able to spend obscene amounts of money to build super-star teams that no others can compete with. The big clubs today are untouchable because the unbelievable amounts of revenue they bring in, mostly from foreign glory-hunters. A few decades ago there were great clubs who fell out of prominence. That could not happen these days, at least in the Prem. The big clubs there make so much money, even if they have a bad season or two they can simply buy a bunch of great players to maintain their status. The game was never this bad before, and it's totally unbalanced. It has been near impossible for a decade now for a smaller club to qualify for the Champions League in the Prem especially (other big leagues too), much less win the title. Without this Champions League money they don't have the resources to compete at all. The exception is the Bundesliga, which is the model to follow.
What I like about the Bundesliga, and what I love about the NFL and NBA and NHL, is that there is parity. Parity is great for a league, and it's something that you wouldn't understand if you didn't live in America and follow American sports. Not only the league more exciting to watch, it's so much better for the fans, because every team has an even chance. Every team can eventually challenge the title. It's not like this in soccer, where you have two or three big clubs with tons of glory hunters that are the only ones that win. It's a ****** system that's bad for everyone.
FFP only reinforces this. In the modern era, the only way that smaller clubs can challenge the bigger ones is by leveraging themselves. It's risky, but it can pay off. I wouldn't like to see clubs do anything competely unsustainable, but I would like to see them be able to leverage themselves a little bit to challenge the bigger teams. And the biggest problem is that FFP does this within the European leagues. The teams from smaller leagues (who often times produce great talent, only to see it bought by the financial powerhouses in the Big 3, who have "great business models," aka making a bunch of money from foreign glory-hunters) won't be able to compete with the Real Madrid's, ManU's, Inter's, etc. because they can't afford to lose the European spot. So we're going to see teams from the Big 4 constantly win the Champions League, and the gap between them and the other European leagues will only increase.
I guess the nice thing is that the small clubs might be able to compete by leveraging themselves, since they won't be in a position yet to qualify for the CL, but that sort of defeats the whole purpose.
What really needs to change in football is dominance by the big clubs, dominance by the Big 4 (or 5, if you want to include France), and dominance by Europe. These are unique to the modern game and only enabled by their unprecedented spending power, which isn't fair and bad for the sport. Now I know you're going to say "it's capitalism and so it's totally fair" but sports are not supposed to be a business or dominated by business. Sports started off as grassroots, amateur activities, and though obviously professional sports can't be like that, the more they are dominated by business and money, the worse they become for the fans. These are supposed to be fair competitions and not dominated by money. How is it fair that the Dutch have to lose all of their best players to another country because its football league is wealthier? They used to get to keep their players, since you used to play in the country you were from no matter what, but now the rest of the world loses all of their best players while the wealthy leagues in England, Spain, Italy, and Germany takes them all. They need to fix this and add some sort of transfer or salary cap.
America is the most capitalistic, individualistic country in the world yet our sports system isn't nearly as capitalistic as soccer is. The beautiful game is the world's best sport but it just sickens me how much money has ruined it. It's a perfect microcosm of how neoliberalism and free-trade economic policy, while appearing to be entirely fair and consensual, only benefits the wealthy core at the expense of other nations.