He compared them to Bolton from off the off. The big 4 were not as "settled" as recent years, but they were certainly top end clubs.
Of course, I would say there was almost definitely a "top 3", Liverpool were rather inconsistent, though. Chelsea were around the same level as Newcastle, Villa, & Leeds.. Without the funding it was highly unlikely they would be making any serious challenge for the title in the near future.
Also, Bolton shouldn't be in the position they find themselves in, used to be a top 10 club. Oh well.
Anyway, the point is if you spend x amount of money then sure, you can "buy" yourself a title.. But, does it breed success? Who knows.