Winning the Champion's League matters. Winning the Premier League matters. I believe those are the trophies FSG is aiming for, knowing it will take some time to get there. Finishing at least 4th is (ordinarily) a necessary requirement to pursue the first goal, and is a step in the right direction from where we are to the second. It's not just about the money. It's about pursuing the highest achievements possible. Don't get me wrong, the Carling Cup and even more the FA Cup are nice to have - but the point (from FSG's perspective) is to win championships, not just trophies.
What was it Shankly said about aiming for the ceiling?
As a side note, that whole "If you win but didn't qualify next year rule" that everyone is whinging about now -- unless I'm gravely mistaken it was invented for Liverpool after Istanbul. Certainly we took advantage of it.