FFP is not a new thing anymore. If clubs want to get their license to participate in UEFA competitions, they are going to have to comply to the financial doctrine laid out by UEFA in the Financial Fair Play regulations. While Chelsea have been preparing for this for several seasons now, this has only applied to clubs looking to take part on the European stage.
That won't be the case forever though, as the Premier League has also been in discussion about some form of financial regulations that would be similar to FFP. This morning, the Premier League clubs voted on the issue:
West Ham's David Gold confirmed to us that Premier League clubs voted to adopt spending controls & form of restraint on salary increases— Rob Harris (@RobHarris) February 7, 2013
There are no details about the plan available yet, but they've long been rumored to be looking at something very similar to the regulations passed by UEFA. Chelsea have been rumored to support the proposal, and it makes all sorts of sense for them to do so.
While many fans of smaller clubs will probably celebrate this as a chance to level the playing field a bit, the reality is that this will likely make it even harder for those clubs to compete. Clubs like Chelsea and Manchester United will still dwarf the revenues that clubs like Everton have to work with, and the regulations will likely prevent smaller clubs from investing heavily in the short term to improve the on-field product.
For now, it's a bit tough to evaluate exactly what sort of impact this will have on Chelsea, as we just don't have any concrete details about the regulations that the league will be using. I'm sure we'll see them emerge shortly though, and when we do we'll be able to better predict how this will change things going forward (if it does at all).