I think that's a great thread
Probably everybody agrees by now that a club needs a shared vision across all its units of how it wants to play football to be successful in this day and age which most likely requires lots of radical changes in terms of organization structure and personnel. The more interesting part is IMO the transfer strategy the new leadership should pursue.
The good news is, even if you ran into some FFP problems lately, you're one of the richest clubs around. The bad news is that the last decade sort of ruined your reputation. So if you approach a top player that has many interests, you only have the financial argument on your side but a footballer who is more long term oriented and prioritizes a positive career trajectory over quick money (which is the kind of character you build successful teams around) will most likely pick another team. Which in consequence means the big money signings you can land probably don't have their priorities straight.
So what you need first, IMO, is a functioning squad that can be a foundation to build upon. Instead of going for star players that "make the difference", you need the complementary type of players that allow those to shine and ensure that you never drop below a certain bottom level. If you take a look at best practices, regardless if it is a top club that was able to turn the ship around like Liverpool or a smaller club punching above its weight like Brighton, they all try to identify underrated players which are great value for money. Often that involves data driven scouting. Those players might be grateful for the chance and willing to take their chance with your project because they don't have as many options as the most sought after.
So for the time being, ignore the "too good to pass" type of talents and sign those who are very good at doing the unspectacular basics right: Positional play, clean and reliable technique, good work ethic, tactically sound, etc. The Endo-transfer by Liverpool was laughed at by many but I think that is exactly the type of business you should be looking at in the long term. I believe people underestimate how many genuinely good players are out there. Better you sign two or three of them and bet that at least one makes it than betting all your money on a marquee signing.
In essence, this is also about realizing how mad the whole football business has become. I mean, Moses Caicedo has upped his market value from 4.5m to 116m in the span of two years. You can pay those sums if a player is the missing piece and the market doesn't offer many alternatives right now but building your whole team with such transfers is absolutely crazy. Which is why all great teams that don't have almost unlimited resources decide very carefully when they invest these sums and try to secure many intelligent transfers, often working on them over multiple years.
It's also important to make it clear to yourself that the strategy you pursued in the past started a negative spiral. Teams know that you pay huge sums so they take you to the cleaners. Players saw the chaos at your club so they pick other options or join you despite of the rather bad perspective because of money. That you have to convince them with money means you pay more. You need to break out of this cycle and start all over again. When you pursue players that are good but not without peers, you can afford to switch to another target when the selling clubs demands too much money. That sends a message to other clubs as well and will make future business easier because you proved that you're willing to talk away if your conditions aren't met. Once you've formed a good team that indeed only lacks difference makers, you have a much better chance of luring top players to you because they have genuine interest in the project and not because you paid them more money than anyone else as 'compensation'.