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Definite that the renegades have lawyered-up
They wouldn't have taken the action unless they believed they had a winning position no matter the ultimate outcome.
It appears that FIFA/UEFA/FA is not in a strong position as they are in all practical aspect a monopolist, and using your power to prevent competition against their business is a clear violation of competition laws in both the EU and most other jurisdictions.
If so, I am starting to believe that the exodus clubs see this as a win-win situation. Either they succeed with their «project» and increase their financial stronghold, or they have a good cause for suing FIFA/UEFA/FA for damages and increase their financial stronghold.