Well in the NFL they have set Conferences and Divisions, which are made by geographic location and in most cases what league they originated in as the NFL as it is currently and the SuperBowl were formed after the merger of the NFL and the AFL. In the merger the AFL teams formed a new Conference, the AFC. Only a couple original NFL teams transfered to the AFC The Steelers, Browns (now the Baltimore Ravens), and Baltimore Colts(now the Indianapolis Colts).

If they had such a system in the Premier League you would have divisions and conferences set up somewhat like this:

Conference #1
Northern Division: Liverpool, Manchester United, Newcastle United, Blackburn, Wigan

Southern Division: Tottenham, West Ham, Aston Villa, Stoke City, Hull City

Conference #2
Northern Division: Everton, Manchester City, Sunderland, Middlesborough, Bolton

Southern Division: Arsenal, Chelsea, West Bromwich, Portsmouth, Fullham

The winner of The Northern Division plays the winner of the Southern Division in each Conference and then the Conference #1 Champion plays the Conference #2 Champion ergo setting up a big matchup.