If our squad had played to its abilities this last season, we would have contended. There are no guarantees in football and it is equally plausible that the Chavs and Le Arse could have key players out of sorts next season.
Player for player, I would argue that before the window opens, we have the strongest squad. Yes we need to bring in new talent and I'm content that we will. But all things being equal, we will not be battling for a CL spot for some time to come.
Ushited and Liverpool have to spend huge just to bridge the gap IMO