Having 3 tiers is a good thing but not at all good without relegation!! Football as a game doesn't make sense without promotion and relegation!! Based on what I have read so far, I am not very optimistic!!!
It's gonna give control to a private party which will make ISL(recognized as a tournament by FIFA ) the prime league and I-league (recognized by FIFA as league) will become a 2nd tier league. This could benefit the players monetarily but not Indian Football