I do understand your viewpoint and can easily see the logic behind it.

My mind/opinion is however drawn more towards the apparent lack of stability at a football club can only be to it's detriment. I honestly look forward to Watford playing in League 2 in the not distant future.

My diagnosis would be that they have, in the main, spent too much money on name managers, who in turn have bought their own selection of flavour of the month players, over a short period of time, culminating in a 'rag tag' squad of players whose names are only somewhat prestigious operating under a succession of managers struggling to, and inevitably not being able to, form some semblance of a cohesive unit and way of working. I would also be inclined to cite Manure as another example.

The club have desperately attempted to sit at the top table for a long time and stuck with a manager who had them on the peripheries, safely, and their overexcited attempt to make the leap upon his departure has failed, badly.

City - Yeah, well City
Chelsea - Have just poured money on tap into the club which culminates in them even offloading bundles of players with huge talent and/or potential.
Arsenal - Are almost in the same model as Everton however without the financial clout and therefore more/better consideration.
Liverpool - Just slightly inferior finances to likes of City but wise, considered spending.
Spurs - Slightly below the rest in terms of spending but have established a climate/culture of expected failure so still yet to have won anything, but a more stable model if not the most successful..

Everton - Reckless, uninformed (crucial point), reactionary and almost panicked spending spree = the proverbial excrement show that has been highlighted.

United - Same, just a far superior starting position but have fallen far from their permanency at the very Top global table, let alone European or domestic.