Can't disagree, PL. I'm just speculating as to the possible reasons that we've seen this change in policy. Maybe Comolli did us more damage than we at first realised. Maybe his legacy has been a complete volte face in club policy.
Levy was stung by what happened with Comolli and Ramos, he knows millions were wasted. He also has the finance of the stadium to consider.
The point you raise here makes our demotion from the CL to the EL next season all the more painful. If we had Champions League football, the projected balance sheet would be so much nicer and we could continue moving forward with numerous plans. Now we have to face another season of penny pinching and possible player sales. It's depressing.
As for the likes of Dos Santos and Jenas not beign sold, I'm not entirely convinced this is solely Levy overvaluing these players. I think these players overvalue themselves. Dos Santos rejected a move to Spain (the name of the club escapes me) and Jenas still thinks he's the nuts since it was "rumoured" Mourinho wanted to take him to Inter some years back. Sometimes players make the transfer harder by being greedy, overambitious or having delusions of grandeur.
You're right we don't know how these players react and their contacts are used by them. I expect if they can't agree personal terms with the prospective club they just sit tight and collect their wages.

Dos Santos turned down a £13m move to Udinese, if I remember right.
Sevilla offered £3m and he wanted to go there.![]()
He wanted to return to Spain, which is fair enough - although at this rate it'll end up with him heading that way in a cash + player deal.