Like it or not we can't compete with the Big6 on transfer fees and wages.
While we were criminally neglected and mismanaged for 10 years under Lerner and Dr Tony they pulled too far away. Reality check, this won't be fixed in 3 or 5 years.
Place where we can gain competitive advantage is in developing youth and hoping for them to be good enough to elevate us higher up the table.
If the above doesn't work, the best we can do is another Leicester (nothing wrong with their model BTW), keep selling your best players and reinvest.