We have a much, much bigger wage bill though. And that's not really a bad thing, contrary to popular belief. The size of our wage bill is what kept us in Champions League for so long while clubs like Spurs and Liverpool were locked in cycles where they spent one year in, then a few years out, then one or two years back in, etc. It gives you the ability to sign and maintain players good enough for Champions League, and to keep a bigger squad around.
It's very tempting to trim the squad right now and get rid of some expenses, but once you've downsized there's no obvious way to go up again unless the chips magically fall in your favour. It only took a decade and a half for that to happen to Liverpool.
