I think the impact is a little overblown to be honest, at least there's no real evidence of it being a widescale problem. We were finishing 2nd and getting into the knockout stages of the CL and still missing out on players, we've never really been ones to tussle with the likes of City, United, Juve, Bayern, Madrid etc.
There will be the odd player who will only want CL football and our non-participation for however many years it's been will be off putting. But I think offering the money we can, being in London, the facilities and generally the prestige and history around the club means we can still attract a similar level of player we've always been in for.