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| Source: https://i.guim.co.uk/ |
The league would have way more excitement no doubt. The BPL would be entertaining until the finish not only for the race for first place in the regular season, but also for the race for the top four spots because that means more teams would get a shot at the title and thus making it more exciting for fans and teams.
Economically, the playoff would have a huge effect. Some teams in the BPL try to conserve their money so much that they only go for a title shot a couple times a decade. This can be very frustrating for fans who like to see their team involved and not getting the same result ver and over. This is especially true for bottom table teams who want to conserve their money as much as they can. "Such a playoff could be used to shore up the financial solvency of teams looking to spend a bit beyond their current means to earn a fourth place position and a lucky chance at winning a Premier League title." This allows a more variety of teams to have a shot at the title, a cinderella story to develop, and a better experience for the fans, players, and owners.
http://www.forbes.com/sites/zachslaton/2013/05/16/the-effect-a-playoff-would-have-on-epl-title-history/#3cef5ef460cd

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