This sounds like it could have written by Randy Lerner himself. Not that cutbacks are completely avoidable but it sounds like we'll be going at them pretty hard to me. I don't think that we'll putting together a squad that looks capable of challenging for promotion next season, so unless we appoint a manager that can get great results from average players my expectation is mid-table at best.
On the bright side, I enjoy the Championship much more than the Premier League, but the longer we are in this division the harder it becomes to return to Premier League riches.