I would say that last season, only one team had a worse squad than ours before a premier league ball was kicked and that was Crystal Palace. It's not always about the most technically gifted squad its about having that right mix of players which on paper we probably have. Let's take the 3 promoted sides, Leicester despite all promises aren't signing world beaters and are largely still the team that got them up, it will most likely be enough but I would say our squad is better. Burnley, we beat them hands down in the squad department and QPR have signed an iffy CB and one that's past it with a squad that should've walked the Championship but instead got promoted with the only shot on target in a Play off final.
You look at our squad last season and while we didnt score buckets of goals, the goals came from all sources. Take the Fulham game, 5 goal scorers, now I don't know about you but I would rather have goals from all over than a guy who scores a hattrick every 3 games. Without Europe our squad is probably capable of a higher mid table finish in the ranges of 11th-15th.
You say the league table doesn't lie, well when 38 games are all played you're probably right but if you can honestly tell me that Palace last season had a better squad than ours (on paper) then you would be lying. It's never about the squad on paper, it's what they do with their season that ultimately matters