Well by the end of this window, our squad cost will be around £310m (and that is assuming that we don't sign an attacking player). City is about half a bill, United similar, Chelsea around 4-450m. Liverpool is roughly similar to us and Tottenham is around £200m.
Prem wise, it looks like we have already found the middle ground. The squad is not underinvested and that was my main point. What that money is being spent on is a different proposition altogether.