Oh i've seen it in previous versions, the most insane one I remember was in 2008 when I was Aston Villa, United dropped to to League 2 in 5 seasons after they went into admin... Players bought left, right and center (Rooney, Ronaldo, Carrick, Nani, etc) and only 5% of transger revenue was made available to Mourinho and co.
Ah, old games...
In my FM 2008 game, Manchester United are finally back in the Premier League after a decade or so, and my on-loan goalkeeper there is giving them the 3rd or 4th best defensive record in the league despite being predicted to go down - they're 9th and sniffing around a UEFA Cup place although I think they won't make it - the reason being is that they have the 2nd worst attacking record in the league, 2nd to 20th place. 30 scored, 32 conceded - pretty impressive either way. Glazers are gone but the debt remains - although it's down to a sizeable level and a tiny wage budget with some sensible spending has meant that their rise has been inevitable, if slow. Depending on who they get between the posts next season, I think consolidation is a sensible target to aim for.
Meanwhile, Liverpool have gone into meltdown, spluttering around in the Championship and predicted to go back down to League One. They haven't been in the Premier League for ages and they recently managed to concede over 100 goals in the Championship, finishing last. Their debt is down to a sensible level but their income is terrible. Bouncing between leagues is a sensible target for them.
Chelsea are up and down - relegated once but somehow finishing 6th a season after coming back.
Arsenal are too good - the lowest they've finished ever is 6th. Back on top of the Premier League after they spent £43m on a winger/striker - a former player of mine, and I had a 50% sell-on clause! And he's not worth £43m, not at all.
Probably the most staggering thing is that Milan are in Serie C1/A and in the playout spots (i.e. relegation playoffs). Their fall has been gentle but silly as their squad has been solid but their managers terrible.
Barcelona are in Segunda and hovering above relegation, although I think they'll be safe.
Real Madrid dominate La Liga. It's silly how they got there though - they were relegated a few seasons ago and got promoted again - finishing 4th! Now they've got a striker who has a whopping 43 goals in all competitions halfway through the season.

A former player of mine...