You were basing it on one season and you even said ''that's all we can really base it on''
If somehow players view finishing 5th as steady improvement, thus, they will pick Arsenal over United then it makes zero sense because finishing 5th is no different to finishing 6th, Arsenal haven't shown a sign that they are promising club for years so the attraction of Arsenal shouldn't be higher than United. Just like what you said their coach is still in learning process and the young players are still in developing stage not in finishing article to win trophies, so why should Arsenal be league ahead of us at this point when they are still in rebuilding process just like us.
Players wouldn't care about huge debt as long as the club can afford to pay their salary. In addition, calling London is a great City to live in comparison to Manchester is ridiculous because the aim of footballers should be playing and winning not having holiday. If they want better living place, they wouldn't choose London but choose Paris and Spain. You have no clue what's the true in Eriksen's mind, him choosing London doesn't mean it's better place to live, it's just that Eriksen has lived in London for years. It's laughable how you use that as proof that Londo is a great City to live in.