Concerning the European Champions League (soccer)

Now before I start I don't want any of you to think I'm being sour after my team lost in the last Champions League final. My thoughts are that the Champions League is no longer something special. After all it is held every year and being called the champion of champions is a bit too much.
Giving a team that finishes fifth out of a league of twenty teams a chance to be called the champion of champions is a laugh (Sorry Psychotic didn't mean to offend your precious Liverpool).
I simply feel that the Champions League should only allow those teams from Europe that have won their domestic leagues to compete, no runners-up, no third place, no previous holders of any kind. Yes this probably would restrict the amount of excitement usually witnessed in previous tournaments and the amount of money made due to UEFA poaching payouts from the richer clubs but this is not a completely irrational argument as I will now explain.
A lot of European teams from smaller footballing nations are completely capable of taking on the giants, Artmedia knocking out Celtic, Club Brugge upsetting AC Milan in Italy and Shakthar beating Barca are just some recent examples. A lot of teams get upset after being dumped out of the tournament yet they will most likely be the ones having a bye into next years competition.
The apparent prejudice given to clubs from other nations such as Denmark, Austria, Poland, Romania is quite astonishing. Winning a league and at times having to go through as much as three rounds of two-legged qualifying (six games) just to reach the group stages is simply mind-boggling. If you are to call a tournament responsible for defining who should be called the "Champions of Europe" then you should atleast give everyone a fair chance. These countries of which I speak of have proven that they are capable of playing at the top level (look at Greece who won Euro 2004).
I'd be rather happier if they just called it something else because this is false advertising at it's worst.

EDIT: Opinions?

The vast majority of those involved are champions, even if not that season or the season before. But at some point. You get the idea.

It's just a name. Who cares?