Well yes and no. The problem with O'Neill's "squad" players were that they were rarely used and were over-priced, over-paid and under-performing shites. That's what got us into the shit. Every team needs a squad. yes, every team needs a squad, but you build a squad by buying first team players to relegate your existing first team players to the bench, not by buying players who aren't good enough for the first team to begin with
Well that depends entirely what type of squad you're building and what restraints you have to build it. Yeah, sure, if money is no object I'd keep "Stevie" hanging around but money is an issue and if we can replace him with 3 or 4 inferior players (in terms of skill) for the same wages then I'd jump at it.