FFP means a different thing to everybody. In some ways, it helps some clubs. In others, it can destroy their chances. But it would help the league. TV revenue should help a lot of clubs stay in the green, and with that, ticket prices and sponsorship, no club should really be in the red.
In the end, in my opinion, if FFP curbs the wages the players earn, and stops the ridiculous rates of inflation in the transfer market, its done its job. If clubs have to downsize, then thats their own issue. AC Milan & Inter Milan are doing that, and in a couple of years, they'll most likely be back at the very top. Downsizing in the Premier League is much more risky than downsizing in Italy, though. Clubs like Manchester City & Chelsea should be able to get away with asking players to lose 5-10% of their wages, though. Nothing excessive. In turn, should help them.
Or, they can just add more 'sponsorships', and their problems goes away. As long as it cuts the ridiculous wages the players earn, and stops the inflation of transfer prices.