I posted about this the other day. UEFA have confirmed that only clubs playing in Europe this season would be subject to their Financial Fair Play rules.
They only need to finish top 6. 4 CL spots 1 Europa League spot for the PL +1 additional PL spot in the Europa League already transferred thanks to Man City winning the League Cup. (assuming of course they qualify through the league and don't end up 7th). ------------------------------- Basically, if Arsenal beat Wigan then their opponents in the Final (us of Sheff U) qualify for the Europa. If Wigan beat Arsenal then we'd need to win the Cup to qualify.
What would we rather have? A game against Arsenal where we're guaranteed Europe but it'd be very difficult to win, or a game against Wigan where we could get still Europe and have more chance of winning the FA cup? Although it would feel better to win the cup against a top team...
If the cup holders knock out Man City and Arsenal shouldn't we consider them a top team? (even if they are lower league). I think I'd rather play Arsenal if we get through. European qualification sorted for the next season and a game that's just about the day rather than what it could qualify us for.
If we beat Sheffield United we're either in Europe or a huge chance at the Cup, so just focus on beating the Blades, and go from there.
Just as a small point, next year's Europa League winners will qualify for the Champions League the following season. So theoretically, Sheff U could qualify for the Europa this season, then next season win it and be relegated. Then we'd have a L2 side in the Champions League the following season.