Six Premier League clubs and six other European teams attempted to start a breakaway tournament to rival the Champions League and other competitions.
Despite signing contracts and announcing the tournament, each of the six Premier League sides backed out, and the league is now all but dead.
"In that format it's dead, but in other formats it's on hold," Allardyce told reporters.
"The devastating impact of what was said is far-reaching across the country, and it would have been extremely damaging for the pyramid of the historical game we have in this country.
"What we've seen from the fans, the public, and the remaining 14 clubs in the Premier League, and all those who support football, have come out against it, it's shocked everyone, particularly in this country.
"There are lessons to be learned for the governing bodies who run our game and, unless we learn those lessons quickly and protect better the structure of our game, we're likely to see this again and again."