I agree...so we should spend it wisely on quality rather than throwing wages away on unproven players as we have been doing for the past 7-8 years.
Am I being really stupid?
Proven quality players aren't likely to come here unless we offer them higher wages than 'better' clubs (or longer contracts), so it's not really going to be value for money.
Martin O'Neill did it by spending money on quality unproven players. If you have a manager / scout who can spot this kind of player it's the best way to get value for money. Whether we have that at the moment I don't know.
Signing young unproven players can be a good investment if we can sell them on for a profit in a couple of years (like McCarthy for example).
Really I think we need maybe a couple of quality older players who can hold the team together, with some younger players who are enthusiastic have something to prove. If we can get the balance right, and get the right players, it should be possible to build a promotion challenging squad without spending a fortune. But the most important thing is having a manager who can spot players with potential, and get them playing to the best of their ability.