No .. team was still unfinished (as seen by Bale's progress the following year), plus we simply did not have the experience (anywhere on or off the pitch) for a title challenge.
People often get confused/selective memory when they look back at team sheets (best example is the West Ham side that got relegated), they see a bunch of names and associate that with the players in their prime, however very really is that the case that they actually were at their prime at that point. King at his prime did not play with Modric, who in turn did not play with Bale at his prime (for Spurs)
To the OP's point and as bitch as usual fans, we have had some really great players -> King, Modric, Bale, Berbatov, VDV and probably in a few years we will say same about Verts, Lloris, Eriksen in the last decade, it actually says a bit about a club who's buying/scouting policy is often bitched about.