You do make some fair points, I agree. Can't find the link, but I remember it being posted a little while ago that there is something like a 93% correlation in football between the amount you spend on players' wages and where you finish in the league. By that measure, I'd argue we are punching...
So you're conveniently ignoring the fact that our wage bill is mid-table, then? Based on cold financial reality, how are we not punching above our weight?