This would cause massive upheaval in the game if implemented. We would certainly need to look at a different business model, but at the same time, there is an opportunity to be a beneficiary. It’ll be a long time before we spend 50m in today’s money on a new player.
One way for clubs like us to survive might be a development fee, a career long percentage payment, paid by the player in proportions to the clubs they played for. Under such a system. we’d lose players like Bale, sure - but they’d need to sort us out for the opportunity we’ve given them.
As an idea on its own, I just can’t see “no transfer fees” working. There will be zero incentive to develop players if they can just leave for Big Club United on their 18th birthday, having spent the last 9 years or whatever at Saints’ academy. Transfer and tribunal fees have historically represented “development time”. The clubs will need something in return or the whole thing will fall down.