This is at the heart of why I would back a wage capped league - or one with restrictions on spending for each club in the league. As it stands, we have a mostly inflexible top rung of the table, with Arsenal and Man U falling a few places due to mismanagement over many years. Then we have everyone else whose best form of excitement is supposedly suffering relegation in order to maybe get a promotion battle - but realistically, maybe getting the europa league. Isn't that just fucking depressing?
It's a bad system which rewards money first, before management and quality of choices made. How many managers who achieve with smaller clubs in the premier league are then shut out of the big jobs? There are exceptions that prove the rule (Rodgers, Moyes and Hughes over the space of a decade, I think?) but overall, managers in the lower rungs of the premier league are on a hiding to nothing - they can't get a big club because they can't get the prestige that those clubs look for in managers - and that comes back to a self sustaining system where managers at big clubs have a much better chance of gaining that prestige.
It would be a better and more exciting league if there were a more level playing field in the money that a club could spend, rather then the money oriented system we have now, which barring the occasional blip (Leicester, Tottenham) favours the top clubs and preys on the rest.