For me personally, it would be
1st tier- League title, Fa Cup, Champions League
2nd tier-
3rd tier- Europa League, Carling Cup
Things can move up or drop down to second tier depending on what our priorities are at that moment in time, example it's near the end of this season and we have the FA Cup semi final next weekend so it's either rest players in the league game and play a full strength team in the semi final or play the first team in the league. Personally the League would drop into second and I'd put all resources into the semi final.