No, it doesn't. The disparity in athlete talent and revenues between teams which make the Champions League and those which don't is greater than the disparity between say, the NFL and high school football. For the past decade, the winning teams of the Champions League and its feeder legs have all been one of the top 3 highest-spending teams in their respective leagues. There's simply no contest between, say, Manchester United and some random Irish club. In contrast, most of the professional American leagues reduce the talent disparity enough that either team could realistically win a match.