Did you already forgot Portsmouth?
And seriously, going down and rebuilding the team looks by far better option than that. Just see, Leicster, Watford, Palace, Southampton, all recently promototing from Championship and looking strong. Championship gives the manager chance to rebuild the team and win the league and go to BPL with massive confidence.
If we somehow stay up this year, I see nothing changing and this process repeating for next few years to come.
( not that I mean we should accept relegation by default, but spending shitton on player wages in January is the wrong solution longterm)