It’s just another national cup tournament these days. I guess for younger fans it’s hard to imagine how esteemed this competition used to be just 15-20 years ago. The FA Cup was a massive achievement, and being a ‘cup team’ was seen as a strength. 30 years ago we were famous for our historical success in the FA Cup, and I think in ‘91 we held the record for winning it.
Cup Final day was a national event. Helicopters tracking the team buses, hours and hours of build-up. Everyone would watch it regardless of who was playing.
Then Ferguson opted out of it, followed by other Prem clubs using it to test their youth players. As already mentioned, moving the semis to Wembley ruined the uniqueness of the final (along with the changes to Wembley itself), and of course the sponsorship. Such a shame.
I don’t think it should lead to a CL spot, and I doubt UEFA would allow it anyway.