Exactly. There's a host of players who are not in favour at top clubs who may be available, defenders alone there's Smalling, Jones, Sahko, Gibbs, Chambers, Jenkinson, etc. Throw in players like Ings, Nasri, Sturridge and all the other players who were bought up on the basis of a good season or two only to then fall out of favour and you have a quality midtable side of players who are clogging up wages for the top clubs. We have to accept we may end up paying £20m for players who are rejects of top 6 clubs and cover wages of £80k+ to boot. If we don't then others will and we will be left at a seat at the Championship table.
In an ideal world we would develop our own, but we don't seem capable of that so let's make do and mend.