It is time to seriously look at this cup in 2006, with the advent of the Champions League it is the clear the top EPL clubs no longer want to be part of it. After it only adds a further fixture burden to these clubs.
Personally I would scrap it all together, as other than a UEFA Cup place it serves no other purpose. I cant think of another country with a second cup competition.
If it has to stay to satisfy the lower clubs, here are my suggestions:
1. All rounds to be sudden death, ie no two legs or replays. All matches to be extra time then penalties.
2. All EPL clubs join at same time, presently clubs in Europe come in one round later.
3. Make the EPL clubs field u21 sides with four over aged players allowed.
4. Scrap qualification for UEFA cup.
Revamp League Cup
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