Unless you think that football has significantly improved, otherwise it is pretty much constant. You mentioned a few players. But lets see:
During those years EPL has Drogba, Lampard, Essien, Terry, Cech, Carvalho, Cole, Rio, Vidic, Evra, VDS, Ronaldo, Scholes, Giggs, Rooney, Henry, Fabregas, Mascherano, Alonso, Gerrard, Torres as world class players. Look now, at best you'll have Suarez (who is leaving), RVP (when fit), De Gea, Aguero, Yaya and at a big push Silva, Mata, Ozil and Rooney as world class players. Also, most of those I mentioned (at-least half of them) would have been on top 20 players in the world (many in top 10). Now only Suarez, Yaya, Aguero and RVP (when fit) are in that category. During those times EPL had a Ballon D'Or winner and a few others who made the top 3 (Lampard, Gerrard, Torres) but now there is no player who have made top 3 on a few years and only Suarez may come near it.
So, English teams fail in Europe, players in England aren't as good as they were on that time. How then it results with a better league than back then?