I'm not sure that there's many at all who think that the quality of the squad is up to standards - I think the differences are where some people think that the first 11 is devoid of any quality whatsoever and what is meant by overhaul and the timing of the squad.
For me the absolute priority is two new CBs to replace any two of Toby, Sanchez and Dier. Add those two and then you have a very capable first 11 which is top 4 standard IMO.
Beyond that, there is a lot of upgrading needed in our squad (ie non first choice) players, but that's likely to be a 2-3 year process. Some would be more urgent (e.g. getting a back-up for Kane) but then there's say 6-8 other squad players (Hart, Sissoko, Winks, Moura, Lamela, Doherty, Davies etc) who need improving. Some of that depends on the new manager's formation and tactics, some of the sequencing partly depends on whether people like Skipp and Sessegnon are loaned out again, some depends on what other youth players might emerge
I think the disconnect for most people is squad vs. first 11 (outisde of the people who somehow think we will sell/buy 15 players)
The core of Kane, Son, Lo Celso, Ndombele, PEH, Reguilon. Lloris is fine, add Lucas, Bergwijn, Rodon, Tanganga, Skipp, Sessegnon and you have a good start
The squad (mostly non first 11) is the place for clear out - Sanchez, Sissoko, Winks, Dier, Dele, Doherty, Davies, Rose, CCV, Foyth
Levy could
Sell/release 10+ players with very little first team impact (two max)
Spend most of that money on a CB, add a RB and another midfield option
Combine that with a manager that will get us to play forward (our real quality is in AM/ST roles), you should challenge top 4, enough to buy you time for full stadium revenue and another window or two for long term needs like Lloris replacement.