Wrong.
From the EFL website...
Financial Fair Play
The CFRU has remit over all the EFL’s Financial Fair Play Rules which are different depending on which Division a Club is in:
Championship Clubs follow Profitability and Sustainability (“P&S”) Rules which dictate what losses Clubs are permitted to incur over a rolling three-year period
We are allowed to lose £39 million over a three year period. I don't know the actual figures, but say we lost £25mill in 21/22, and have kept within budget over the next years 22/23 and 23/24 (i.e max loss of £14mill) then next year we have that £25mill buffer to play with. Lose less than say £15 mill next year and the buffer stays £10mill clear...go stupid and spend over £20mill and don't significantly improve (i.e promotion) then we're in the **** for another three year cycle. The extra cash from the new TV deal will help (if we don't get relegated) but it's still a balancing act that's heavily skewed in the favour of the relegated teams from the PL with their parachute payments