Vincent pointed out the Champions League will start in season 3, but only for continents with at least 8 leagues. I think this is not a good idea.
Asia has only 6 countries yet, but China is the biggest competition world wide and it would not be fair (imho) for all those Chinese managers not to have there only continental league. (Although there is a good change they reach 8 leagues meanwhile)
Futhermore, the change that North America will have 8 countries at all (or Oceania) is small. Is it an option to allow North America to join South America as long they don't have 8 leagues on there own? (And Oceania and Africa to join Asia)?