Published at ESPN.
Clubs with wage bills among the top four in the league tend to do very well no matter the circumstance, but particularly at the New Year. They average about 2.0 points per match over most of the season; during the holidays, that rate jumps 10 percent to 2.2 points per match. This means that every festive period, one of the four richest clubs wins a match they otherwise would have drawn or lost. Given that the title and fourth place races are often decided by a point or two, those extra points at the holiday can make all the difference.
At the same time, not every high-payroll club sees the benefits of depth every year. If a high-payroll club like Manchester United or Arsenal goes on a run through the winter fixtures, it should not be surprising, but such a run is in no way guaranteed.