diff --git a/core/config/schema/core.entity.schema.yml b/core/config/schema/core.entity.schema.yml
index 2fc9d2c..174925d 100644
--- a/core/config/schema/core.entity.schema.yml
+++ b/core/config/schema/core.entity.schema.yml
@@ -366,6 +366,18 @@ field.formatter.settings.entity_reference_inline_settings:
   type: mapping
   label: 'Entity reference inline formatter display format settings'
   mapping:
+    field_name:
+      label: 'Machine name of the field'
+      type: string
+    type:
+      label: 'Machine name of the formatter'
+      type: string
+    settings:
+      label: 'Formatter settings'
+      type: field.formatter.settings.[%parent.type]
+    label:
+      label: 'Target field label visibility setting'
+      type: string
     show_basefields:
       type: boolean
       label: 'Whether basefields should be visible on the formatter settings'
diff --git a/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceInlineSettingsFormatter.php b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceInlineSettingsFormatter.php
index eadefcf..b87d62b 100644
--- a/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceInlineSettingsFormatter.php
+++ b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceInlineSettingsFormatter.php
@@ -3,6 +3,7 @@
 namespace Drupal\Core\Field\Plugin\Field\FieldFormatter;
 
 use Drupal\Core\Entity\Entity\EntityViewDisplay;
+use Drupal\Core\Entity\EntityTypeBundleInfoInterface;
 use Drupal\Core\Entity\EntityTypeManagerInterface;
 use Drupal\Core\Entity\FieldableEntityInterface;
 use Drupal\Core\Field\BaseFieldDefinition;
@@ -58,6 +59,13 @@ class EntityReferenceInlineSettingsFormatter extends EntityReferenceFormatterBas
   protected $entityTypeManager;
 
   /**
+   * The entity type bundle info.
+   *
+   * @var \Drupal\Core\Entity\EntityTypeBundleInfoInterface
+   */
+  protected $entityTypeBundleInfo;
+
+  /**
    * {@inheritdoc}
    */
   public static function create(ContainerInterface $container, array $configuration, $plugin_id, $plugin_definition) {
@@ -71,7 +79,8 @@ public static function create(ContainerInterface $container, array $configuratio
       $configuration['third_party_settings'],
       $container->get('entity_field.manager'),
       $container->get('plugin.manager.field.formatter'),
-      $container->get('entity_type.manager')
+      $container->get('entity_type.manager'),
+      $container->get('entity_type.bundle.info')
     );
   }
 
@@ -98,20 +107,28 @@ public static function create(ContainerInterface $container, array $configuratio
    *   The formatter plugin manager.
    * @param \Drupal\Core\Entity\EntityTypeManagerInterface $entity_type_manager
    *   The entity type manager.
+   * @param \Drupal\Core\Entity\EntityTypeBundleInfoInterface $entity_type_bundle_info
+   *   The entity type bundle info.
    */
-  public function __construct($plugin_id, $plugin_definition, FieldDefinitionInterface $field_definition, array $settings, $label, $view_mode, array $third_party_settings, EntityFieldManager $entity_field_manager, FormatterPluginManager $formatter_plugin_manager, EntityTypeManagerInterface $entity_type_manager) {
+  public function __construct($plugin_id, $plugin_definition, FieldDefinitionInterface $field_definition, array $settings, $label, $view_mode, array $third_party_settings, EntityFieldManager $entity_field_manager, FormatterPluginManager $formatter_plugin_manager, EntityTypeManagerInterface $entity_type_manager, EntityTypeBundleInfoInterface $entity_type_bundle_info) {
     parent::__construct($plugin_id, $plugin_definition, $field_definition, $settings, $label, $view_mode, $third_party_settings);
     $this->entityFieldManager = $entity_field_manager;
     $this->formatterPluginManager = $formatter_plugin_manager;
     $this->entityTypeManager = $entity_type_manager;
+    $this->entityTypeBundleInfo = $entity_type_bundle_info;
   }
 
   /**
    * {@inheritdoc}
    */
   public static function defaultSettings() {
-
-    return parent::defaultSettings() + ['show_basefields' => FALSE];
+    return [
+      'field_name' => '',
+      'type' => '',
+      'settings' => [],
+      'label' => 'above',
+      'show_basefields' => FALSE,
+    ];
   }
 
   /**
@@ -144,22 +161,19 @@ public function viewElements(FieldItemListInterface $items, $langcode) {
   /**
    * Gets a list of supported fields.
    *
-   * @param \Drupal\Core\Form\FormStateInterface $form_state
-   *   The form state.
+   * @param bool $show_basefields
+   *   If FALSE, all basefields except for the label will be skipped.
    *
    * @return array
    *   List of fields that are supported keyed by field machine name.
    */
-  protected function getAvailableFieldNames(FormStateInterface $form_state) {
+  protected function getAvailableFieldNames($show_basefields) {
     $entity_type_id = $this->fieldDefinition->getSetting('target_type');
     // We always show the entity label as an option to be selected.
     $entity_type = $this->entityTypeManager->getDefinition($entity_type_id);
     $label_key = $entity_type->getKey('label');
     $field_names = [$label_key => $this->entityFieldManager->getBaseFieldDefinitions($entity_type_id)[$label_key]->getLabel()];
-    /** @var \Drupal\Core\Entity\EntityTypeBundleInfoInterface $bundle_info */
-    $bundle_info = \Drupal::service('entity_type.bundle.info');
-    $target_bundles = $this->fieldDefinition->getSetting('handler_settings')['target_bundles'] === NULL ? array_keys($bundle_info->getBundleInfo($entity_type_id)) : $this->fieldDefinition->getSetting('handler_settings')['target_bundles'];
-    $show_basefields = $this->getSettingFromFormState($form_state, 'show_basefields');
+    $target_bundles = $this->fieldDefinition->getSetting('handler_settings')['target_bundles'] === NULL ? array_keys($this->entityTypeBundleInfo->getBundleInfo($entity_type_id)) : $this->fieldDefinition->getSetting('handler_settings')['target_bundles'];
     foreach ($target_bundles as $value) {
       $bundle_field_names = array_map(
         function (FieldDefinitionInterface $field_definition) use ($show_basefields) {
@@ -184,7 +198,7 @@ public static function isApplicable(FieldDefinitionInterface $field_definition)
   }
 
   /**
-   * Get all available formatters for a field storage definition..
+   * Get all available formatters for a field storage definition.
    *
    * @param \Drupal\Core\Field\FieldStorageDefinitionInterface $field_storage_definition
    *   The field storage definition.
@@ -277,11 +291,11 @@ public static function rebuildSubmit(array $form, FormStateInterface $form_state
   public function settingsForm(array $form, FormStateInterface $form_state) {
     $form = parent::settingsForm($form, $form_state);
     $target_entity_type_id = $this->fieldDefinition->getSetting('target_type');
-    $field_name_options = $this->getAvailableFieldNames($form_state);
+    $show_basefields = $this->getSettingFromFormState($form_state, 'show_basefields');
+    $field_name_options = $this->getAvailableFieldNames($show_basefields);
     $field_storage_definitions = $this->entityFieldManager->getFieldStorageDefinitions($target_entity_type_id);
     // Field on the target entity this formatter is currently displaying.
     $selected_field_name = $this->getSettingFromFormState($form_state, 'field_name');
-    $show_basefields = $this->getSettingFromFormState($form_state, 'show_basefields');
     if (!$selected_field_name) {
       // The first field is used as default in case of no value set.
       $selected_field_name = key($field_name_options);
@@ -314,7 +328,7 @@ public function settingsForm(array $form, FormStateInterface $form_state) {
     $form['show_basefields'] = [
       '#type' => 'checkbox',
       '#title' => $this->t('Show all fields'),
-      '#description' => $this->t('Allows basefields to be selected, such as author, language, creation date, etc.'),
+      '#description' => $this->t('Allows default fields to be selected, such as author, language, creation date, etc.'),
       '#default_value' => $show_basefields,
       '#ajax' => [
         'callback' => [static::class, 'onShowBasefieldsChange'],
@@ -428,17 +442,29 @@ protected function createFormatterEntityViewDisplay($bundle_id) {
    */
   public function settingsSummary() {
     $summary = parent::settingsSummary();
+    $field_storage_definitions = NULL;
 
     if ($field_name = $this->getSetting('field_name')) {
       $summary[] = $this->t('Field %field_name displayed.', ['%field_name' => $field_name]);
     }
     else {
-      $summary[] = $this->t('Field not configured. The entity label will be used.');
+      $show_basefields = $this->getSetting('show_basefields');
+      $field_name_options = $this->getAvailableFieldNames($show_basefields);
+      $target_entity_type_id = $this->fieldDefinition->getSetting('target_type');
+      $field_storage_definitions = $this->entityFieldManager->getFieldStorageDefinitions($target_entity_type_id);
+      $field_name = key($field_name_options);
+      $summary[] = $this->t('The field %field_name will be used by default.', ['%field_name' => $field_name]);
     }
 
     if ($type = $this->getSetting('type')) {
       $summary[] = $this->t('Formatter %type used.', ['%type' => $type]);
     }
+    elseif ($field_storage_definitions) {
+      $field_storage = $field_storage_definitions[$field_name];
+      $formatter_options = $this->getAvailableFormatterOptions($field_storage);
+      $formatter_type = key($formatter_options);
+      $summary[] = $this->t('The %type formatter will be used by default.', ['%type' => $formatter_type]);
+    }
     else {
       $summary[] = $this->t('Formatter not configured. The first formatter will be used.');
     }
@@ -450,6 +476,7 @@ public function settingsSummary() {
    * Wrapper around ::getSetting() to carry over values from the form state.
    *
    * @param \Drupal\Core\Form\FormStateInterface $form_state
+   *   The form state.
    * @param string $setting
    *   The setting name.
    *