In my opinion they should appoint a good young manager that plays decent football, let’s say Potter for example, and be open and honest with the fans that they have a 5 year plan to get back on track with 10 year plan to get back to the top.
Spend 2 years getting rid of the dead wood, whilst saving a fortune in transfer fees and recuperating some money from the deadwood. A year of getting rid of dead wood and signing couple decent kids. 2 further years and of signing hot prospects. That’s the first 5 years done.
Then have another go, using the squad of young players they’ve assembled.
Will mean they will have some mid table / bottom half finishes but might just put them back on track.
At the minute they will just tread water, going between 5th / 6th / 7th and a few years qualifying for the champions league in which they won’t do anything once in it.