What it also shows is that we clearly had funds ready for a striker. So if we couldn’t get Vlahovic, we could have got someone else that would be a clear of improvement on our current options.
A clear improvement, yes - but still some distance from getting you back to top 4 regulars again, let alone challenging for major honours.
The issue remains: unless you are one of the current top 3 and/or have a bottomless pot of gold (United and Newcastle), it is far more likely than not that you'll struggle to improve significantly in the market without the allure of CL football. Incrementally, yes. But not significantly. The remaining gap on those you chase needs to be filled with promising youngsters and superb coaching. You have the former but not the latter.
It's a classic catch 22 faced by us as well: We need a better squad to get regular CL football, but we need CL football to attract and afford a better squad.
The only solution is to be ready to pounce if and when one of the "regulars" has a meltdown and pinch their spot. This is exactly what us, you and West Ham are trying to do with the spot that the world and his dog assumed had United's name on it in pre season.
Your January gamble seemed to rest on the imagined win-win scenario: We will either finish in the top 4, or we will throw enough money at the problem to attract top 4 caliber players. To make those assumptions as early as January, especially in the middle of mounting evidence to the contrary (you failed to win a single game that month and were spurned by a top 4 caliber player) smacks of sheer naviety on the part of your decision makers.
I'd say we followed exactly the opposite approach: our main targets (Traore, Diaz and Kessie) also turned us down for bigger clubs, but we pushed a Plan B, brought in Kulu and Bent and have improved as a result. Not exponentially so, but certainly enough to maneuver ourselves into a position whereby we can actually capitalise on the unexpected meltdown at United.
Both our clubs have shown in recent years that having money is only so useful if you are essentially forced to spend it all in Poundland, which is where you end up shopping with just the Conference League to offer and teams like United and Newcastle always able to outbid you.