I'm not sure I agree with all that. I think we all knew at the time that we couldn't/wouldn't keep qualifying for Europe, as we simply don't have the financial muscle, and to qualify on a regular basis this is what you need.
We do also have a very low fan base with regards to paying fans, we always will have I think.
Are we a "Premier League club" - well that's something you get on merit, and for years we were, we're a long way from that now though, but there is no reason we can't be again. Will we ever push for a top 6/8 finish again though? - I'm not so sure