For me the only draw of being in the PL is that it is more likely that we may be able to sign a couple of players who will go on to play for the top teams so can watch them play for a couple of years before they leave.
Ask Villa and Brighton fans if they prefer the PL or Championship, I think I know the answer and West Ham won a European trophy just last season.
And it was in the 2nd season after relegation. I hope we don't get promoted this season after all, it'll **** up our cup final win next year.
It could be argued that Villa, Brighton and West Ham have a bigger chance of playing in the Championship in the near future than they have of making a significant impact on the Premier League. As for the European competition win that is exactly what that competition was created for, throwing a bone to the also-ran clubs so that they feel they belong and European competition isn't the members-only league it really is. This might be cynical and a bit Eyeore but I sincerely believe there's more than a grain of truth in it and I rarely say that about anything I think.
I'm sorry but 4th is a more than significant impact on the PL and judging by the enthusiasm Saints fans had for winning the JPT I would guess that most would happily chew on the bone of an ECL win, I know I would.