They've been offering higher and higher wages as a percentage of their revenue in the anticipation that the money coming in will continue to increase. You have a club like us that has pretty stringently ran a wage structure which enables us to be sustainable. And you have someone like Wenger who has ran Arsenal on the idea that the money won't keep getting higher and at some point there will be a correction. If those clubs that have been offering higher and higher wages on the anticipation of continually increasing TV money (and if they have owners that have bought in at valuations that were high because of the anticipated profile and revenue of said TV money) then if that falls or stagnates, those clubs will have to correct themselves. It may not be massively noticeable immediately, and it is definitely a long term thing, but in the grand scheme of things long term predictable revenue is more important to clubs than one season meaning they can afford one more or one less player.
It will help ourselves and Arsenal if City and United ever have to correct. And I'd argue we are already seeing it with Chelsea - they seem to be doing what they can to build a long term strategy in place of their previous spend at all costs one. It may mean Chelsea take a short term hit but long term they would be able to weather any storms created by a reduction in either TV money or interest from Abramovic. Liverpool too are living pretty well within their means. It's not like United especially won't always have more commercial revenue than us (although we can close that gap), it's that if they have over extended themselves based on anticipated future earnings, they will need to correct slightly. The bubble bursting slightly will benefit the clubs that have decided to sacrifice short term success for long term stability when these macro shifts occur.
I have no doubt we would have maybe had a couple more CL campaigns over the last ten years if Levy had decided to spend more than his golden rules allowed at certain points, but equally I think we also would have had a couple more Chelsea finishing 10th disaster type seasons thrown into the mix, and I certainly don't think we would have the platform to succeed that we have now.