That's actually a very good point. There's always a comment that Pep made Barcelona what it was during that period after Rijkaard failed to get the best out of them but at the end of the day this was still a team that contained Messi, Xavi, Iniesta, Busquets, Mascherano, Pique, Puyol and Dani Alves amongst others. While at Bayern he has had Lahm, Schweinsteiger, Muller, Robben, Ribery, Gotze, Alaba, Boateng, Martinez and Kroos amongst others at his disposal.
He's hardly taken teams above the level of "the sum of all it's parts".
Both teams had an absolutely frightening amount of individual talents and he has yet to prove that he can make a team greater than the sum of all its talent. Should that Porto team have won the Champions League? probably not. Was the Inter side the favorites for the UCL that season? Not close.
It's probably a moot point because I doubt Pep will ever select a team that isn't close to the top but what sort of job would he do at Tottenham or Valencia? I'd fancy Mourinho to get both pushing for the league and doing well in the Champions League in the space of 2 years.