Dyke unveiled a raft of proposals at Wembley, aimed at boosting the number of English players at the top of club football, including the introduction of B teams in a new 'League Three', overhauling the work permit system and increasing the number of home-grown players in squads.
The target, which includes increasing the number of English players playing regularly in the Premier League from 66 currently to 90 by the year 2022, was described as "ambitious but realistic" by Dyke.
The report states: "There should be 90 English players playing over 50 percent of minutes in the Premier League (or any other top five European league) compared with 66 today - of these 30 should be playing in the top six teams in the Premier League compared with the 18 today.
"This is still lower than the figures being achieved in Germany and Spain today but it would take English football back to a figure last achieved in 2000".
The most controversial proposal would be establishing a new League Three in 2016-17 made up of 10 Premier League B teams and 10 from the Conference. Of the B team squad, 19 of the 25 should be under the age of 21 and 20 of the 25 should qualify for the home-grown rule and no non-EU players allowed.
Many clubs at the top and bottom of the professional game have already expressed deep reservations about that plan.
In terms of home-grown players allowed in each Premier League squad, the Commission recommends a phased reduction in the number of non home-grown players in top-flight squads from 17 to 12 - starting in 2016-17 and reaching that target by 2021.
In terms of work permits, the Commission proposes a cap on two non-EU players per squad, and that no players on overseas visas should be allowed to play below the Premier League, nor loaned to any other club in England.
Dyke said: "This decline is a problem in countries right across Europe but is a significantly bigger problem in England than anywhere else - and if the trend continues we fear for the future of the English team.
"If this cannot be reversed, a future England manager will have fewer and fewer top level English players from which to choose."
The Football Association's announcement has been met with mixed reviews, with members of the UK's press taking to Twitter to either support or oppose the new plans.
Good plan - wreck the Football League even tho a lot of England players started their careers there or developed on loan there.
Suspect I will be in a minority open minded to B clubs. It's not the trashing of traditions that many fear
Long overdue for Eng football to have this kind of debate, but you can count me as one of those who opposes radicalism of Lge 3, B teams etc
Greg Dyke's attack on work-permit loopholes excellent and not before time. Too many who shouldn't qualify get through on appeal...
...The risk with B teams is they will damage the Football League's historic, competitive ebb and flow (forming blockages)
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