Celtic went as far as any EPL team this year in the champions league including beating Barcelona, which would suggest they could compete in the EPL at the moment, despite little TV money.
You can understand why they would like to join the English leagues. It has been a 2 horse race for about 30 years ? and now a 1 horse race with Rangers meltdown. Basicly the 2 Glasgow clubs have outgrown Scottish football. If they were allowed in England it would make the SPL more competitive...