According to Juan Antonio Alcalá of 'El Partidazo de COPE', Atlético Madrid wouldn't lose out on the Champions League even if La Liga is suspended, they come 6th and the current standings are assumed valid, as the RFEF approved to distribute the European spots. A move that La Liga knocked down by the way.
If this season's league is cancelled, and is used as criteria that the top 4 are going to the Champions League and 5th and 6th to the Europa League, plus a 7th team through the Copa del Rey, as was spoken about in the last few hours and passed by the body led by Rubiales, Atlético would in principle have to settle for the Europa League, the competition that they have won three times in the last 10 years.
In the aforementioned programme, it was signalled that UEFA would offer Atlético an invitation because of the two recent finals they played in, in 2014 and 2016; for eliminating the defending champions Liverpool a few weeks ago; being the only Spanish team through at the moment; and because of the coefficient earned in the last few years because of their notable performance in the competition.
This sort of 'wild card' opens a new path in the Champions League, that UEFA may be 'forced' to rescue more teams if premature cancellations leave a club of interest and level out of the positions that give access to this tournament. For Atlético, of course, it is a relief for the serious losses that would have meant not competing in the Champions League.