I agree with this. I think of it a similar way: last season we were the 2nd worst team ever in the premier league. Ever! So the question is, how many championship teams would have done a better job than us? There must surely be at least a handful - teams who just missed out, teams with less mental managers etc. So I really don't see "played in the prem last season" = "really good in the championship".
I don't deny the money spent, but it's clearly been spent in the wrong areas... and we're left with a squad that is one half a record breakingly shit team, and the other half brand new and still figuring out how to an impact. and neither half with a good keeper or striker...... obviously.