i have been having fun on twitter with this argument
If our sponsorship deals have been inflated, then haven't they done well out of them. They have sponsored a team that has won the treble, achieved 100 points, won 4 PL TITLES in a row and done the domestic treble, signed marketable superstars and are a global brand. For sponsors that is a win win scenario. They get to associate themselves with success.
Other teams sponsors will have put lots of money into sponsorship deals and seen the team they have sponsored finish mid table with a leaky roof, a crap manager whilst being millions in debt. These sponsors associate themselves with mediocrity and decay.