personally i think academies are more based on a business model, rather than a footballing model now for 'rich' or 'financially secure' clubs.
I'd say no more than 10% have a chance of making it the the first team, and those that do, would have to be world class or better than the current first team to a sustained future at any club. The other 90% are seen as an investment to be sold on for a profit.
it is different to smaller clubs who cant go out and spend millions so a majority our their players may make their first team still, but will sell first team players more as they would more valuable than academy players to sell on.
i think Pep had a 'vision' of bringing more youth through, but think he underestimated our game so the pressure is on, he's having to spend on proven players now rather than take risks on academy players. In a few years, if he's still here that may change, but cant see a whole squad of academy players being our first team for a long, long time, if ever.