As you say Brando, teams will have to spend more wisely. TV deals kicking in however will simply generate inflation in the PL market with wages inevitably going up so colour me skeptical on that front. Out of the top teams though, Chelsea should be doing far better than that... their squad is still top quality and compares to a lot of the European power houses. I know at least Utd will be busy in the transfers again could get a decent run in while LFC have been the best team in 2015 and if it continues (no thanks), you guys might not even need to change all that much and get a decent run next time.
City are regressing, they'll no doubt spend huge this summer and get knocked out again in the first round. Rarely could you ever rely on Arsenal for a European result either, so that's no change.