While that sounds logical, it doesn't actually make sense. Our limit is 80% of our revenue (on wages, transfers and amortisation). With wage-clauses regarding european football, that winds up at around £500M regardless. Our biggest limiting factor in our ability to spend is our current wage budget, outstanding transfer fees and the need to sell players. Our summer budget should be 200-250M. Sell Rashford, McT, Sancho and Greenwood, have casemiro and varane on reduced deals, and you're looking at a budget of £500M (because of amortisation)
That budget doesn't actually meaningfully change if we get CL revenue. The biggest issue with no CL comes down to our ability to attract talent - which INEOS decisions going forward and who they appoint as the next manager will influence.