Article at ESPN:
The other lesson is that the side with the next-largest budget after the top four should not lose hope. Arsenal just needed Liverpool to underplay their wage bill for a few years while Wenger steered his side to 70-point seasons, which was enough to maintain the Gunners’ position in the Champions League. Last year, Liverpool didn’t need the good fortune of Manchester United having perhaps the worst points-to-wage-bill season on record, but they could have made the Champions League with a merely good season as well.
For teams on the lower end, the lift is much more strenuous. The following graph of inflation-adjusted wage bills shows just how difficult it is to build a 70-point squad without elite resources.