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The rule as mooted - that 6 of the starting XI must be homegrown - is a nonstarter. It would allow clubs to have as many foreign players as they like in the squad, but restrict the starting XI.
What happens when a team's best 3 English players are injured, and the backup players in those positions are foreign? They're not allowed to play. Managers would have to play players out of position, or use kids from the reserves. If it ever were implemented (which it won't be), it would be dropped after the first season when Man Utd have an injury crisis and no fit English centre backs.
The basic idea is to ensure that there are positions available within Premiership squads for young emerging homegrown players, to get experience at that level and protect the national teams. That's a reasonable objective.
A more realistic method would be for a maximum number of foreign players (or a minimum of homegrown players) to be included in the 'eligible' squad at the start of a season. This would need certain safeguards, as reserve players would still be able to play in the league (either developing fast - preventing them playing would counter the original objective - or to fill in for injuries), so there would need to be rules (appearances in previous seasons, for instance) to prevent Ronaldo or Fabregas being listed as "reserve" squad players. A decent balance might be that half the formal first team squad should be homegrown.
But then, what's homegrown? English only? UK nationality? Should Irish be included - officially not, but traditionally England is the 'home' league for Irish players (and many fans).
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In times of universal deceit, telling the truth will be a revolutionary act.
George Orwell
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