If they really want FFP to take effect, they need to enforce a rule that for every £5m they spend outside their means, that's one outfield player less they can start with. The moment it dawns on Chelsea, Man City, Monaco et al that they risk playing every match with at least seven players less than their opposition at kick-off they might start to balance the books - or face the inevitible drubbings that follow.
What makes you think Chelsea aren't compliant with FFP? There's no suggestion to say they aren't. As for City, they've got rid of Balotelli and Tevez, and brought in Jovetic and Negredo on much lower wages. High earners like Maicon, Bridge, Santa Cruz and Kolo Toure off the wage bill which can probably account for expenditure on Fernandinho and Jesus Navas, that's before we've even touched the money from the TV deal, even Norwich and Swansea are spending like there's no tomorrow because of it.
I think it's impossible to call this time around. Of course we won't really know until everyone's got their new signings but it should be really interesting.