There's a big difference between the wage bill and transfer activity. The former is a known quantity that can be projected into the future. The latter is a gamble that can either add benefits for an outlay and protracted costs or add nothing significant for that same outlay and costs. I'm pretty sure which Wenger prefers, the stability of the payroll compared to the casino of the transfer market. He's told us this enough times with his irrelevant speeches about his version of value.
If you want stability you want your players to stay, so you pay them to stay. Even the shit ones. Everything becomes quantifiable and predictable (where have we heard that before?). And you have a nice little FFP excuse to play with, we can't gamble because we have to account for the wages. We have to get rid of players (take profit) before we can spend. Furthermore, how do you keep a squad of professionals content with mediocrity? By paying them to shut up and get on with it.
I heard the cost of player wages has dropped from over 70% to around 60% of earnings. In the big picture this is another long term benefit. Everything is being run in a way you'd run an investment fund. The mitigation of risk wherever possible and with the goal of stability. You want a mixed basket but one tending towards the conservative so unexpected outcomes can be smoothed out. Admirable if you are running a bank (not that bankers are anywhere near as conservative s Arsenal Football Club), disastrous in the modern game if your aim is to compete at the top.
The 92 million bid for Lemar has all sorts of rumours swirling around it. Some say the player pulled out. Others say we pulled out. Some say Liverpool were never interested at all and it was Lemar's representatives that were putting all the rumours out there, thus driving up the fee to a ridiculous level at the last minute to deter a (possibly and probably phantom) Liverpool bid. When you consider Liverpool did hang on to Coutinho then it's not outrageous to suggest Arsenal were spun a line and they bought it. So why bid 92 million at all? The question becomes, why not bid 50 or 60 million when the players was eager to come here? Why leave it until the very last minute when Lemar was getting ready for a major International match? I think the answer is fairly obvious. This was a cynical ploy to give the appearance we were ready to compete at the top, managed in such a way that failure was inevitable. Even if Lemar had said yes, there remained many ways to scupper the deal. So I write that off as a con-job, much like the pre-season Mbappe con-artistry. Yes, I do consider them to be that cynical. They are using a football club as a front for their activities so they need to keep the public relations in at least some working order.
Anyway, they can now set sail again in the sturdy ship. The wage bill is under control, no 300k for Alexis or Ozil now. The transfer window has replaced the lost revenues from failure to qualify for the CL. All that remains to be done is claim a victory for keeping 2 or the 3 players that can soon walk on a free and, oh look, Ivan just did that this morning. Well played. Some will believe it. Many perhaps. Enough, for sure, And the rest won't care and the good ship Kroenke will sail on.
The true intent of this club became clear when Wenger was awarded his contract. Nothing logical can explain that decision if our real focus as a club is football.