I don’t think they’ve ever spent 2 consecutive seasons out of the CL so if they get knocked out this season and don’t finish top 4, that’ll likely hit them in the pocket in a number of ways. They’ve got a big wage bill so they’d either have to carry on paying that with less income or cut it down a fair bit, which means getting rid of higher paid players. As these are generally the better ones, that could see them slip down the table. If they were to miss out on Europe altogether they could really struggle. Any decent players leave, they lose ticket money, tv and presumably commercial income. They might even hit a point where they’re struggling to pay the interest on their debt and the money they pay the Glazers. We had to sell SWP when we were in that position & that could happen to them. So they slip further down the league and the Glazers try to sell but no one wants the train wreck they’ve created. Eventually they end up like Bolton.
We can dream.