I think we would have an opportunity to be in one.
Why?
A Crowds- once you exclude the matches at xxxxxxxxxxx, where x is a random football or HQ, which are used to boost figures, we average very highly in crowd terms
B TV viewing figures. I think BT have confirmed Wasps matches pull in the viewers, and they have, unsurprisingly, the widest spread fan base
C History. Wasps have won two Euro titles, and are multiple champions of England.
D Recent history. I know it is difficult to feel now, but over the last 5 years we are third behind Cheats and Chiefs in terms of performance.
Now, I don't think a Euro league is remotely attractive in the way the football one is for those greedy clubs. Increased travel costs but without significant revenue from broadcasters. Fundamentally the club game won't attract the casual viewers as the international one will, and, if anything, I expect to see the powers that be stick their vampiric teeth into that juicy pig.