The proposed changes don't seem too bad to me. According to the article the top 4 leagues (England, Spain, Germany, Italy) would be guaranteed 4 teams in the group stages. Of these, 3 will be those that finished in the top 3 of the respective leagues and the 4th will be the team with the highest UEFA coefficient ranking. For England then, since our ranking is greater than fourth-placed City's we'd have been replacing them this year.
In the graphic below, green shows teams in the top 50 that qualified for the group stages this year under current rules and blue shows missing teams who would've qualified under the new rules (obviously at the expense of other teams like us with City).